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. |