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Where to Go From Here

By the end of last week’s Congressional hearing to determine if the proposed online casinos gambling regulations are more of a benefit or a burden, many different industry representatives were able to have their say and present their case to members of Congress. A few of the industries and associations represented at last week’s hearing include the American Banking Association on behalf of the financial sector, Barney Frank representing the privacy concerns of Americans affected by the online casinos gambling ban, as well as other industries that would be adversely affected by the proposed regulations, and naturally the small proponents in favor of the UIGEA and regulations that would give the Act the weight to actually be enforceable. By the end of the hearing, the members of Congress had a clear look at where the regulations could progress from this point and the repercussions of continuing the ban or looking into alternative legislation.

At the conclusion of the hearing, Congressman Luis Gutierrez made comments that the Act does in fact seem to place an undue burden on the banking and financial sector to monitor online casinos gambling activities in the U.S. The largest issues stemmed from the pressure that the bill places on the banks and financial sector – suggestions that the U.S. government quell some of the problems by issuing a list of illegal online casinos gambling sites was met with resistance because of the time involved in combing through all of the sites. Interestingly though, that is precisely the problem that the ABA has with the proposed regulations, the government will clearly define which sites are illegal and those sites that are protected by legislative carve-outs.

A spokesperson for the Safe and Secure Internet Gambling Initiative, Jeffrey Sandman, commented on the cohesive outcome of the various testimonies and presentations made to Congressmen concerning online casinos gambling regulations during the hearing; “Testimony from the federal regulators and representatives of the financial services community made clear today that the prohibition on Internet gambling isn't working now and will not work in the future."

And as the hearing was coming to a close, Congressman Gutierrez warned the U.S Treasury Department and the Federal Reserve Bank to “be careful” in the coming months. There is intense debate on either side of the online casinos gambling issue, and the regulations are at the center of the debates right now. This is a highly controversial topic that will take careful steps to avoid any large-scale issues from cropping up along the way.