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Financial Institutions Feeling the Sting

The Unlawful Internet Gambling Enforcement Act in the United States is now causing problems for online casino gambling companies located outside of the U.S. and offering gambling services outside of the U.S. Right now, internet gambling companies that are operating in Antigua, Barbuda and some Isle of Man based companies can not find banking institutions now willing to take a risk and process any online casinos transactions if the bank does business with the U.S./U.S. customers.

The essential element of the UIGEA targets the financial institutions that process online casino gambling transactions – and in light of recent legislative action against the e-wallet Neteller, almost all banks that have relationships with the U.S. are fearful that of investigation and fines on behalf of the U.S. Attorney’s Office. This snow-ball effect is sure to cause even more concern in the Antiguan online casino gambling industry as the already struggling industry is encountering yet more problems.

And it isn’t just the new online casinos operators finding difficulties opening and maintaining accounts at financial institutions, some non-U.S. banks are proactively closing down all accounts that deal with internet gambling. According to the Director of Gaming in Antigua (Ron Maginley), the Isle of Man has already given notice to the online casino gambling companies that all gaming related accounts will be shut down.

Maginley also predicts a long-term effect on the online casino companies. He notes, “Because the US legislation makes US banks criminally liable for facilitating gaming companies, you can have a situation where even domestic banks, because thy are concerned about the loss of corresponding accounts, are forced to close local gaming accounts.”