The Role of Banks in the US Online Casino Dispute
Running online casino businesses is illegal in the United States but this has not stopped Americans from wagering online. Out of the $12-billion income from online casino businesses last year, Americans contributed to 50% of this total. In an anti-online casino businesses bill that is waiting to pass in Congress, banks will play a larger part in the fight against internet gambling. According to the new law, financial institutions and credit card companies will be held responsible for cutting off the flow of funds to online casino businesses.
Newer and smaller banks will need to upgrade their technology to block card and wire transfers to online casino businesses in real time. This type of technology already exists in larger banks. In order to get banks and financial institutions to back the bill calling for the banning of online casino businesses, the wording had to incorporate conditions that would cover the banks in case of any glitches.
The law will state that if a player somehow manages to get funds to online casino businesses through the bank, however the bank can show that it complied with enforcement regulations, the bank will not be held liable. It is believed, however, that the new bill will not stop Americans from wagering at online casino businesses. There are ways and means to get around bank payments to online casino businesses, especially through the use of foreign bank accounts and online fund transfer services.