Online Gambling’s Y2K Is The UIGEA

People are bracing for the June 1st deadline when the UIGEA will go into affect within the United States. Some players are worried that this may be the end of online gambling within the US.

Our prediction is that the UIGEA will be the online gambling industry’s Y2K. Do you remember Y2K in the late 1990′s? Y2K involved the prediction that computers would not be able to function properly after Dec. 31st, 1999. Their was worldwide panic and companies spent billions of dollars to upgrade their computers so that they wouldn’t be put at risk. Their were even rumors that airplanes may fall out of the sky because the computers on-board would somehow quit working.

We know now that nothing happened and all that it did was put money into the pockets of computer manufacturers as everybody upgraded their computers. This will be the same for the UIGEA on June 1st. Their is wide spread fear and panic within the online gambling industry, but it’s likely that nothing will happen on June 1st or soon after. The online gambling industry will continue to move forward like it has for the past 10 years. The UIGEA will make it illegal to process gambling transactions but it is likely that the banking industry won’t comply with the law or be able to police enough of the transactions to stop US players from depositing at casinos.

In the end, the government will license and regulate the online gambling industry. With some of the Las Vegas casino giants now pushing for legal online gambling, it won’t be long until Congress passes a bill to overturn the UIGEA and regulate online gambling on a federal level.