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UIGEA Enforcement Woes

The month of June 2010 has been an incredibly interesting year for the US online casino gambling industry. The pro-internet gambling bills were finally heard on the floor of Congress and there has been amazing progress made over the first half of 2010. There was a huge hope within the industry that Congressional Representatives Barney Frank and Jim McDermott’s two bills would progress further within Congress and in time to stop the implementation of the UIGEA enforcement regulations on June 1, 2010. These new enforcement regulations are designed to provide a larger framework for actually blocking the financial transactions between offshore online casinos and US gamblers.

McDermott and Frank’s bills made a lot of progress but sadly not enough to actually stop the regulations; the new enforcement efforts took effect on June 1st and the US banking and financial system was tasked with implementing controls that effectively and completely stop online casino gambling transactions. The only drawback? The banks still do not know how to completely and totally block this activity! Although all of the major banks have recoded transactions with known gambling sites this only lasts for a short period of time before the gaming companies adjust and react with new payment processing methods.

Although the UIGEA enforcement regulations were supposed to be the definitive step in allowing the US to effectively and fully block offshore online casinos the US banks are indicating that the concerns they have always expressed are proving true – it is incredibly expensive and difficult to monitor the billions of daily US transactions and even newly implemented efforts are mostly ineffective.