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Treasury Department Seeks Opinions

The United States Treasury Department has released a list of proposed regulations that will follow-up the 2006 U.S. online casinos gambling ban. And it didn’t take long for those regulations to garner criticism from dozens of different organizations with an interest in either regulating or deregulating the industry. The main opposition is coming from the banking industry, which will be hit the hardest with these new regulations. The UIGEA puts the vast majority of the burden of enforcing the offshore online casinos gambling ban on the banks and financial institutions, but that is a difficult task – insurmountable according to some in the banking industry. Others weighing in on the issue include interest groups like the PPA, politicians with a stake in the outcome of the online gambling ban, and even church groups.

The real difficulty of passing any sort of regulations that permit some forms of an activity while banning other similar activities lies in the sorting out of those transactions. The United States did not ban online casinos gambling in its entirety, rather the UIGEA allows certain forms of U.S. internet betting within the states – horserace betting and Fantasy Sports leagues. A spokesperson for the American Bankers Association noted that "If the federal agencies themselves cannot agree on the law, what hope is there that banks can resolve these confounding legal issues?"

The banking industry asserts that the proposed regulations will only contribute to the confusion that the online casinos gambling ban has created rather than resolving the confusion. Many other interest groups criticized the Treasury Department for an ineffective first attempt at creating regulatory laws to back the UIGEA and give it enforceability. The Treasury Department on the other hand noted that these regulations were only meant as a first draft and that all input is welcome at this point and the Department will consider all issues raised in the responses when drafting the next phase of the online gambling regulations.