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Where's the Logic?

Technology in the United States is now being used to properly sort online casino gambling transactions and firmly block internet gambling sites from processing any of the transactions that have been deemed illegal. The new technology only took effect this week as the UIGEA enforcement regulations came into effect on June 1, 2010 and now mandate that all US banks block and stop the processing (that includes deposits and withdraws) of transactions with offshore online casinos. These UIGEA enforcement regulations take an advanced level of technology to properly sort and decipher the transactions – the question posed by proponents of the industry is this? If technology exists to sort all of these bank transactions why to those against regulated gaming claim that there is no way to fully regulate the transactions occurring through the US banks.

The thing is, with the technology to sort online casino gambling transactions at the financial system level that means that it is equally possible to regulate the transactions and then have more control over the internet gambling industry in the US. Although the UIGEA’s enforcement regulations have taken effect there is very little confidence that these will sufficiently and fully stop all levels of illegal gambling activity. Banning the industry is just not the long-term solution to this problem despite the fact that Congress is acting very slowly on considering alternative internet gambling regulations.

The banking system has a lot of responsibility in the current UIGEA ban and this is undue pressure that the banks and financial institutions simply are not equipped to effectively handle. There is a hope that new licensing regulations for the online casinos will relieve some of that pressure and create a more solid and tight regulated market.