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UIGEA Warning

The United States online casino gambling companies and interest groups are on high alert right now because the deadline for UIGEA enforcement regulations to take effect is looming awfully close on the horizon. The UIGEA, or the Unlawful Internet Gambling Enforcement Act, is one of the more controversial policies to take effect during the Bush Administration. The law makes it illegal to process transactions between US gamblers and offshore online casinos and yet did not come with any sort of framework to actually enforce this policy. For that reason, the enforcement regulations have been under debate for more than three years now, and the implementation deadline of June 1, 2010 has a lot of people in the US quite worried.

In fact, even the mainstream media are picking up on the importance of this new legislation and looking at the effect that it will have on the US banking industry and the foreign online casinos if it takes effect. The US financial services sector is really a key concern for many because of the instability over the past two years in the US economy and the stress this has already put on the banks. There is a fear that the new enforcement regs will place an undue amount of stress on the banking sector to adhere to the imprecise regulations.

The Medill News Service has released a full and unbiased look at the situation, but even with an unbiased perspective, it’s hard to find anyone willing to speak favorably about the pending regulations – and that’s even people outside of the online casinos!