U.S. Office Created To Prepare For Gambling Regulation

Gambling News - February 10th, 2010 - Written By Glen

The online gambling industry is rapidly changing, as legislators have been struggling to repeal the Unlawful Internet Gambling Enforcement Act - the legislation that has made it illegal for payment processors to process the transactions related to online gambling.

When the UIGEA is repealed and a regulatory body is created, online gambling companies will need a new group of payment processors. These payment processors will likely have to adhere to certain compulsory issues. The financial company, U.K. based UC Group LTD., has established a subsidiary in the United States, SecureTrading Inc., that will serve the U.S. market when Online Gambling is regulated.

This new company is set to offer services that will ensure secure transactions and enact consumer protections, all with the utmost speed. Backed by three former executives of MasterCard Inc., SecureTrading Inc., plans on living up to its name.

"Momentum for regulating Internet gambling in the U.S. has been building for some time. As Congress prepares to take the final step, SecureTrading Inc.'s turnkey system is primed to enable our customers to go live the moment Internet Gambling is regulated," said Chris Thom, one of the former MasterCard executives now working with SecureTrading Inc.

The future regulatory body will require certain licensing compliance, and SecureTrading Inc. will enable the new gambling operators to begin offering their services quickly and efficiently, according to the news release provided.

Payment processing, anti-money laundering and fraud tools, tax compliance and reporting, and responsible gambling tools will all be included in the full line of services available through SecureTrading Inc.

USA Online Gambling has been legalizing at an unprecedented rate, though some financial companies have been working to block payments planned for gambling venues. Ironically, MasterCard was on the list of such financial companies.