UIGEA Deadline Draws Near For US Online Gambling

On June 1st, the Unlawful Internet Gambling Enforcement Act (UIGEA) will be fully implemented by the US Treasury Dept. which would make it illegal for banks to process gambling transactions.

The UIGEA does not penalize the players, but it does go after the processors that process US gambling transactions and it pushes the banking industry to monitor transactions and begin restricting any transaction if it relates to any form of online casino gambling.

The US government is using the UIGEA to strike a fatal blow to the online gambling industry, but many experts believe it will fail. The UIGEA may look good on paper but it will be difficult for the banking industry to find all gambling-related transactions and the casinos will find new ways to process deposits without any real problems.

This is not the only tactic being used to strike a blow to the online gambling industry. The government has also used scare tactics to force casino operators into compliance. This method has worked on some of the biggest operators in the industry, but the tactic is getting worn out.

The UIGEA will likely fail once its fully implemented and it’s failure will just give Barney Frank another reason why online gambling needs to be licensed and regulated within the country. Players should have the right to gamble online, if they have the right to gamble offline.