UIGEA Regulations Release in the United States
Last October, as most of you already know, the Unlawful Internet Gambling Enforcement Act was passed by Congress. Although many people believed that George Bush will not sign the bill, he did – and the online casino industry in the United States has been struggling ever since. According to the Unlawful Internet Gambling Enforcement Act, online casino firms are unable to make any transaction or process any financial order though the banks in America. This makes it very hard for companies to generate revenues and many gambling groups had left the American market as a direct result of the enactment of the bill.
Under the Unlawful Internet Gambling Act, the Department of Justice along with the Board of Governors must develop and implement policies and procedures that would enforce the new bill. Such procedures should include the payment systems that could detect and block transactions made by online casino firms or transactions that are direct for such gambling operations. The bill’s regulations have been released lately, but they are not yet accepted. The draft will receive comments and revision suggestion until December 12 and additional work will take place.
The system that actually enforces the bill has yet to be implemented and it will take some time before it is up and running. This does not mean that accepting transactions from online gambling firms is legal, on the contrary. Banks or other financial bodies that process requests by online casino firms are most likely to be prosecuted. The action itself is possible, as the enforcing system isn’t operating yet, but the action is still considered illegal. Once regulations are procedures are agreed upon, the system will be implemented and the transaction itself will become impossible to perform. Hopefully, new legislation will come into effect soon and none of the above will be needed.