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Testimony from the Banks

The recent Congressional hearing concern the online casino gambling industry in the United States went better than either side could have anticipated. Although the hearing’s purpose is to merely gather information about all sides of the internet gambling debate, not to make a judgment or a ruling, there was a wealth of information presented without all of the animosity that traditionally accompanies internet gambling debates. The online casinos are a touchy subject and Congress will have to make a clear choice in the very near future about its stance on the US gambling industry. As a part of the Congressional hearing, the banking industry and financial services sector made their case and presented their facts in support of a new and regulated US online gambling industry.

Although there is certainly opposition to the hopes of a regulated online casino gambling industry, the US banking industry nearly fully supports regulation over the current UIGEA. The UGIEA puts the bulk of enforcement efforts to block the internet gambling sites right on the shoulders of the US banks and credit card agencies. The UIGEA is vague and flawed and there is no clear outline of just what the banks are supposed to do to effectively prevent US gamblers from accessing foreign online casinos. The US banking system is already tapped out because of the financial crises and the thought of new implementation procedures is daunting.

For that reason, the banking and financial services sector were given their fair share of the Congressional hearing (five minutes, like every other side) to present their views on why online casino regulation is a better option for the US market. The banking system can simply not adequately handle the additional burden of monitoring every single transaction in the US to block internet gambling processing companies.