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Details of the Delay

Fantastic news for the US online casino gambling industry comes in the way of a six money postponement of UIGEA regulations that were scheduled to take effect this month. The internet gambling proponents fought these regulations right down to the wire, and it was actually a surprise that the US Treasury and Federal Reserve announced that the regulations were on hold for a full six months. The key factor for the delay was the fact that many US financial institutions were not prepared for enforcement as of December 1, 2009. There is already a huge concern in the industry that the financial institutions will not be able to handle the enforcement regulations for online casinos even with enough prep time, let alone such an immediate enforcement date.

The banks and US financial institutions are outright confused when it comes to the UIGEA; they just don’t know which online casinos and gambling related sites fall into the “illegal internet gambling” category and which sites instead have carve-outs and are legal. The UIGEA is unclear and unspecific and the US Treasury and Federal Reserve will specifically work on clarifying the enforcement regulations and laying out a clearer plan for blocking offshore online casino sites than what is currently provided for in the UIGEA regulations.

And on the up side, while the Treasury is working on these adjustments to the UIGEA, Barney Frank and other pro- online casino gambling industry politicians have been given six more months to push alternative legislation through Congress. Although it has taken an incredibly long time for the alternative legislation to even be considered by Congress, Frank’s proposal and pro-internet gambling policies are actually making their way into Congressional discussions and there is very real hope that new legislation will pass in the next year.