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Strengthening Online Casino Case

The US Attorney in New York announced the seizure of roughly $34 million in funds that were being transacted between offshore online casinos and US citizens. The case blatantly illustrates the black hole that makes up the US government’s position on internet gambling and Congressman Barney Frank feels that the seizure will actually help his campaign to push through new legislation concerning internet gambling and internet poker. The online casino gambling issue in the US is a pretty heated subject and there is a lot of controversy these days surrounding the UIGEA and its unfair restrictions on the offshore gambling sites. Frank has really been looking to pass through two bills, one regarding the legalization of internet gambling sites and another that would specifically stop the UIGEA regulations from implementation for at least another year.

This current action against the payment processor really demonstrates that the online casino gambling industry is unregulated and in need of help from the government to control. It also just goes to show that the UIGEA is not actually preventing internet gambling, but rather creating a regulatory black hole in which the any of the foreign online casinos can continue to operate illegally in the US market if they can circumvent the restrictions.

The money is actually from the accounts of a prominent payment processor that accepted US funds and then also allowed US account holders to use that money at online casinos. The government has seized the $34 million and now given ammunition to the pro-regulation internet gambling supporters. The payment processor in question was actually processing through transactions for the Full Tilt and Poker Stars gambling companies –two very respectable names in the online poker industry and sites that will likely enter the US market if there is regulation in the near future.