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House Internet Gambling Debate Scheduled for Wednesday
WASHINGTON, D.C. --
In 2006, the United States passed legislation to block financial transactions to offshore casinos. The purpose was to cut-off funds to online casinos who were accepting action from US citizens. The US could not control what the casinos did offshore, therefore, they decided to go after the banks.
Fast forward to 2008, online gambling in the United States should be dead, as no one is supposed to deposit funds into an online casino. This is what the US government thought would happen, but is very far from the truth.
In fact, US players can easily play at many online casinos around the world, and the banks can do little to stop it. There are also no protections for the players, as offshore casinos cannot be audited by US commissions for fairness. As banks continue to spend millions of dollars attempting to block online gambling and continue failing, the question is raised - Is the UIGEA a failed policy that has become a burden on US financial institutions without creating any benefit to the US?
Tomorrow, at 10am, Congress will debate this very subject in a lengthy hearing that is sure to create a buzz around Washington, D.C. The hearing is set to take place in front of a subcomittee of the House Committee on Financial Services.
The outcome of the debate will not be a change in rules, nor will it bring an end to the UIGEA. In its best hopes, it will simply serve as a launching pad for new legislation such as the Internet Gambling Regulation and Enforcement Act, proposed by long-time Congressman Barney Frank. His proposal would effectively legalize and regulate online gambling, bringing an end to the UIGEA and an end to the Wild, Wild, West of offshore gambling.
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Recent Comments
| Posted by Gambling on 04/08/2008 02:03:30 AM EST |
| My ideas would obviously differ from others. Because I feel that gambling is not something that have impact on our financial health. But sometime unknowingly many lost their property in it. But it doesn't stop you from playing. Consulting a experienced person would be better than going to quit. |
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