Demise of UIGEAIt is likely that the Unlawful Internet Gambling Enforcement will be overturned before the year is out or shortly their after. There are many things in the works to have the law eventually overturned. However, a race is on to make sure the law never takes effect. By December of this year banks and financial institutions are expected to be in compliance with the Unlawful Internet Gambling Enforcement Act. They are obligated by the federal government to track transactions from online casinos and block payment. This is almost an impossible task that the already bogged down financial institutions are not equipped to handle. The problem is that the Unlawful Internet Gambling Enforcement Act has made special allowances for certain types of online gambling, like horse racing, fantasy sports, and state lotteries. It is not very easy for financial institutions to tell which gambling transactions are lawful or unlawful. That is the point being argued by the Interactive Media Entertainment and Gaming Association in their upcoming hearing against the Justice Department. Also know as iMEGA, the Interactive Media Entertainment and Gaming Association is not the only group opposing the Unlawful Internet Gambling Enforcement Act and not all those opposing the law support online casinos. Banking institutions, some of them struggling to keep their doors open in the face of an economic recession like the world has never seen, does not want the burden of enforcing a law many have deemed unenforceable. There are also some state lotteries that have been plagued by the law. Although law excludes state lotteries, it is almost impossible for financial institutions to tell the difference between legal online gambling transaction and those that come from online casinos. |