Republican Senator Bill Frist is one of the lawmakers who has fought for years to see online gambling banned, maintaining simply that it’s illegal.

But just because it’s big business in Britain, doesn’t earn it an honored place in the American market.

CBS News reporter Vicki Barker in London reported that shares of PartyGaming, the world’s largest online gambling site, were down about 60 percent in early Monday trading.

The online betting legislation got through Congress as a tagalong on a port securities bill passed on Saturday, which was largely popular and easily won the necessary votes.

Gambling in any form is illegal in most of the United States, but is an accepted feature of British society. 888 Holdings says it is suspending online betting operations in the U.S. All Rights Reserved. Congress reacted.

PartyGaming says it will pull out of the U.S. Congress had passed legislation prohibiting the use of credit cards, checks and electronic fund transfers for online gaming.

Shares of British gambling companies, including Sportingbet and PartyGaming, were sharply lower Monday.

President Bush has used his power of veto very sparingly during his leadership, and isn’t likely to scrap the port security bill over the gambling legislation, which is also very popular among the conservative base of the Republican party.

2006 CBS Interactive Inc. This material may not be published, broadcast, rewritten, or redistributed. took a huge hit Monday as investors reacted to news that the U.S. and U.K. The Associated Press contributed to this report. market if President Bush signs the legislation into law. As soon as the Internet began blurring the lines between U.S. Betting houses, offering wagers on everything from horse racing to whether it will snow on Christmas morning, are as common on the streets of London as pubs.. commerce, members of the U.S. as a result, and Sportingbet says it has called off takeover talks with World Gaming.

Online gambling companies in the U.K