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A Bad Online Casino Precedent

The United States seems to have set a bad precedent for the rest of the world with the passage and attempted implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA). The UIGEA is a hugely flawed piece of US legislation that attempts to ban the online casino gambling industry by banning the processing of financial transactions between US banking and credit card companies and the internet gambling sites. And interestingly enough, despite all of the criticism of the US’s legislation, Norway has passed a similar piece of legislation that attempts to block foreign online casino via the same flawed method.

The Norwegian parliament voted to pass the legislative ban on online gambling transactions and, just like the US, is requiring the drafting and passage of a set of support regulations to be used by the financial services industry when deciding which financial transactions to block. Norway’s banking industry objects to the ban but has only requested that the regulations be written much more clearly than their US counterpart.

There are so many tiny variations and small sectors of the online casino gambling industry that it behooves the Norwegian government to clarify the regulations and anticipated method of enforcement as much as possible. The more clarity in the regulations, the less stress and burden put on the Norwegian financial services sector. Norway, like the rest of the world, is feeling the effects of the slowing global economy – that means that the Norwegian banks and credit card companies have enough of a headache stabilizing the industry, let alone trying to implement flawed online gambling related regulations.