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UK Firms to Pressure US Politicians on Casino Legislation

With the slight chance of reform in the United States, following Congressman Barney Frank’s proposal regarding online gambling in America, business companies are mobilizing political power to influence future legislation. Firms from the United Kingdom have hired lobbyists to launch a campaign in favor of the gambling industry in American in an effort to influence policy makers. Under the Unlawful Internet Gambling Enforcement Act, financial companies are un-allowed to conduct business with firms that offer gambling services to the American public, and the law has to change before the industry can perform solidly in the United States. The agenda of the online casino community is clear: the players want to play and with so much revenue it will be possible to pay high taxes and benefit the community as a whole. Now, it’s time to convince the politicians.

Firms that supply payment-services need the law changed the most. The most popular way to pay for online gambling is by e-wallet services, and most online casino players own an account. When the ban over financial doings became fact, many e-wallet companies suffered great losses. If, in fact, the industry will be allowed back in the United States, the e-wallet market will flourish. That’s exactly why UC Group, an online payment service provider, has joined the international accounting firm Baker Tilly. In a joint effort, the two firms launched the “Safe and Secure Internet Gambling Initiative”.

The lobbying firm Alston & Bird LLP will head the new campaign and be responsible for gathering political influence to help the new online gambling regulation attempt to strike root. Hopefully, the financial resources of there companies will make the needed change possible, and the politicians will give the online casino industry a chance. With proper regulation followed by legislation, it is possible to make the best out of the situation for the authorities, the players, the firms and the entire society. UC Group developed special technology that is able to track compulsive gamblers, and backed with legislation it will be possibly to monitor online casinos and fight gambling addiction.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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