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Unfortunate Problems for Horseracing

The largest event in the horseracing industry could very well encounter some serious issues with internet-based betting and gambling in relation to the upcoming race thanks to ambiguous U.S. online casinos gambling policies. This weekend’s Kentucky Derby will attract fans from all over the U.S. to place bets on the event. Thanks to legislative carve-outs in the UIGEA and the U.S. government for horseracing and other forms of U.S. online gambling, the horseracing industry is still able to operate bets via the internet within state borders. But despite those clear legislative carve-outs for the horseracing industry, some banks and credit card companies may just block the transactions anyway because of unclear and ambiguous online casinos gambling and betting regulations in the U.S. at this time.

At last month’s Congressional hearing held to discuss the proposed UIGEA regulations, many from the banking and online casinos gambling industry protested the proposed regulations because it puts the onus of sorting the transactions on the banks and financial institutions, a practice that would lead to the broad blocking of any internet gambling transactions.

sThe attorney for the firm representing the Nevada Pari-Mutuel Association, Tony Cabot, remarked on the situation and how it would affect online wagering. “Unless the government takes the responsibility of telling the banks which merchants they shouldn’t deal with, and when banks take the position that they are not going to process these transactions without guidance, all heck will break loose," he commented.

There is no indication at this point the extent of the legal horserace online casinos wagering that will be blocked by cautious banks, but many in the industry fear that this is only the beginning. If the UIGEA continues to stand without regulations and is not repealed within Congress the banks become increasingly vulnerable to prosecution even if they unknowingly process illegal transactions.