US Tracking Online Gambling Transactions May Help Eliminate UIGEA

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When the Unlawful Internet Gambling Enforcement Act was put in place back in 2006, financial institutions almost immediately cried foul. Representatives of the financial institutions spoke to members of Congress, telling these lawmakers that it would be nearly impossible to block the online gambling transactions.

Now, legislators are working on a law that may help the banks prove their point. Lawmakers are in the process of creating a law that would call for the tracking of all International money transfers. This is the preferred method of Internet gamblers.

While online poker players are freaking out over the possibility that this could end their run at their favorite online poker rooms, the opposite may end up being the end result. By tracking the transactions, the banks will finally be able to prove their assertion that it is difficult to decipher which transactions are from online gaming companies.

Most Internet gambling sites use third party processors for their monetary transactions. These processors have altered the coding that is detected by the bank. Instead of saying the transactions are for Internet gambling, different businesses will be listed in the code.

All along, the banks have told the government that because of the codes, they will be unable to stop gaming transactions, mainly because they will have no idea that those are the transactions being processed. With an actual list of these transactions, lawmakers may end up seeing the error that is the UIGEA.

The law is being created for the purpose of stopping terrorists from being funded from countries outside of the US, so poker players are not the main target of the law. The players are weary, however, considering they were not the target of the UIGEA either.

The UIGEA was an add-on bill that was placed with a border security measure. The border security measure passed, therefore creating the UIGEA. Democratic leaders such as Representative Barney Frank have been attempting to have the UIGEA overturned, and they may have to accomplish that goal the same way the law was created.

Rep. Frank has passed legislation through the House Financial Services Committee that would overturn the UIGEA and lay the foundation for a regulated Internet gambling industry in the US. The bill is not expected to get to the House floor before the mid-term elections.

It is widely speculated that after the mid-term elections, the Democrats would lose control of the House. If that occurred, it would be unlikely the Frank bill would pass. Given the political landscape, the Democrats could chose to attach Frank's legislation to a jobs bill and pass it during a lame duck session.

October 2, 2010
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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