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New Deadline for Compliance

The online casino gambling industry is all atwitter this month because of the reprieve granted by the US Treasury and Federal Reserve related to the implementation of enforcement regulations for the UIGEA. The six month postponement means that a new deadline has been set, June 1, 2006. This new deadline reflects the length of time that the Treasury and Federal Reserve now have to rework the enforcement regulations and address some of the most glaring concerns. The key issue that has stopped implementation of the regulations that are intended to give real teeth to the UIGEA is the fact that no part of the US government has ever clearly defined the term “illegal internet gambling.” The UIGEA banned this form of gambling more than three years ago – and it has been broadly interpreted to apply to all online casinos and chance gaming sites.

But that is just one interpretation, and in order for these regulations to remain enforceable by the courts, and executable by the US financial and banking systems, the term needs a very precise and accurate definition – one that is not subject to interpretation, but rather clearly gives the US banking institutions a definition. UIGEA backers are not particularly pleased that the regulations have, once again, been delayed, but the possible stresses that unfinished and poorly designed regulations could have on the US banks is simply not permissible.

As the regulations are sent back through the ringer for rewriting and reconsideration, Congress has a gradually expanding mind toward the US online casino gambling industry. The longer that these regulations take the more likely it is that alternative gambling legislation will gain strength in Congress.