Department Of Treasury To Consider Postponing UIGEA

Gambling News - November 28th, 2009 - Written by Glen

Legislators, citizens, and lobbyists have all been pushing for the repeal of the UIGEA, or at least a temporary delay on the date of its inception. Starting December 1st, financial institutions will have to begin complete adherence to the Unlawful Internet Gambling Enforcement Act. Though progress has been slow, a committee from the US Department of Treasury has decided to hear the case.

On December 3rd, the issues of HR 2266 and HR 2267, Congressman Barney Frank's regulatory statutes, will be debated with the appropriate department. This comes two days after the enaction of the UIGEA, though the delay may still be possible.

Barney Frank's HR 2267, which has already received over sixty cosponsors, is titled the Internet Gambling Regulation, Consumer Protection, and Enforcement Act. This bill was created in order to protect and regulate the player's and their money, which would also serve to establish a taxation schedule for Internet gambling. Billions of dollars are expected to be generated in tax revenue, both from legal online casinos and USA online poker rooms. Sports betting would remain illegal under previous bits of legislation completely unrelated to USA Online Gambling.

Under current legislation, all financial institutions are required to prohibit any transactions that are related to online gambling. The players are still left protected from legal ramifications, but the fact of the matter stands - billions of dollars are shipped to offshore enterprises on a yearly basis while companies in the United States shipping this money are charged with laundering and other criminal charges. Countless indictments and seizures have already been made, and players have even had to endure the risk of losing their investments. While all payments have been made right, the fear still looms on the horizons.