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ABA Echoes Gambling Complaints

The vast majority of the United States banking and financial services sectors have long been criticizing the UIGEA and its ineffectiveness at properly regulating the US online casino gambling industry. The American Bankers Association are some of the biggest critics of the UIGEA – and for two key reasons. The ABA feels that the UIGEA is ineffective and does not have the structure to ever properly regulate online casinos in the US market. Also, the ABA has noted that the planned implementation of UIGEA enforcement regulations will be incredibly costly in the US, and for the US financial services sector.

The Vice President of the ABA was outspoken in his criticism, primarily noting that even though the UIGEA enforcement regulations are due to come into effect on June 1st, he does not feel that they will fully stop the processing of online casino gambling transactions in the US market. The scope of processing payments goes well beyond what the US banks can actually control. Although the credit card companies have recoded transactions and plan to begin enforcing these changes, there are a whole scope of other transactions that are incredibly difficult to track, and that the ABA believes will go unnoticed by banks in the US. Essentially, online casinos looking to circumvent the credit card blocks can still use checks and wire payments to escape the restrictions and the notice of the US banking system.

That’s the real flaw of the UIGEA, it seeks to block online casinos through the processing of payments alone, and that’s just not every going to be wholly effective. The AGA VP is strong in his belief that there are no fully effective measures that the US can use to fully block payments – and the few tactics that are in place right now will cost the government a huge amount of money to implement.