Online gaming sites are reporting that sources near the top of the financial industry of the US say that the decision to extend the delay until the implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA) rules against processing payments to online casinos has been made.
With a deadline looming on December 1st, 2009, Treasury Secretary Timothy Geithner will announce either on November 23rd, 2009 or November 27th, 2009 that six more months will be given to online gaming payment handlers to prepare for the law against online casino payments. The extension will also allow Congress to review the Unlawful Internet Gambling Enforcement Act and decide whether the law is causing more problems than it is preventing.
So far, over blocking by wary credit card organizations has resulted in denied payments to state lotteries and for online horse race gaming, both of which represent revenue source and commerce to different states.
Two separate letters to Geithner and Federal Reserve head Ben Bernanke by different US Representatives asked that the UIGEA receive further delay while proposal to limit or dismiss it completely are being discussed.
The second, featuring a contingent of Kentucky Congressmen, may have been the catalyst that broke the will of the Treasury to proceed. Previous complaints about the UIGEA had been received from the PPA (Poker Players Association), the Interactive Media Entertainment and Gaming Association, different financial stalwarts, free Web campaigners and civil libertarian organizations.
The proposed legislation of Rep. Barney Frank that would regulate online casinos and make the UIGEA irrelevant is due for review before the Financial Services Committee next week.
12/07/2009 23:57 PM