Bank Closures Effecting Casino Industry

The domino effect of recent bank closures is proving to change trends in gambling. Already, 2010 has seen 15 banks being shut down by regulators. Many gamblers with frozen bank accounts are relying on the internet because it is easy to use their credit cards.

Online PR News – 02-February-2010 – – The United States economy was hoping that the first month of 2010 would yield better results on the banking system, but already there have been 15 closures across 10 states. Regulators have stepped in to close banks in Florida, California, Georgia, Missouri, Oregon, Washington, New Mexico, Illinois, Minnesota and Utah in January 2010. This is a bad sign for an economy that is desperately looking for stability. The economic climate for Americans is souring and these recent bank failures are leaving a bad taste in many mouths.

While insurance companies sort out the mess for bank customers there is an inconvenience of frozen assets that many have to deal with. Less cash available has an effect on many people’s lives and businesses. The US government, under President Obama’s multi-billion dollar initiatives, is constantly bailing out various financial institutions. In 2009 there were over an astounding 140 bank failures and the hope was for improvement in the new year.

People with frozen accounts are turning to their credit cards to bail them out in the short term. With millions of people being held back from withdrawing their billions of dollars, many are relying on credit. In times of a financial crisis, the gambling industry gives many a sense of hope to earn quick money in land casinos. These facts help explain why many online casinos are actually increasing business.

According to Lucky Blackjack, a leading site for online casino information, online casinos are seeing a spike in traffic from people living in the affected states with bank closures. Regular gamblers in these states are forced to stay out of land casinos because their money is inaccessible. This has opened the door to internet casinos because they accept credit cards. While the government and banking institutions work out the mess, many are hoping to find for their own solutions playing roulette, poker and blackjack online.

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