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Online Casinos Here to Stay, UIGEA or Not
WASHINGTON, D.C. --
While a debate circles over whether a last-minute delay of the implementation of the UIGEA would be a wise move, online casino gambling isn't going anywhere. According to "Newsweek," Internet gaming will continue, even if the banking procedures are forced to change by the payment processing ban.
The UIGEA is scheduled to be implemented December 1st, over three years after its passage as a hidden addition to a port security bill. Members of Congress are lobbying the Treasury both to delay the process and to stay the course, letting the online gambling ban start.
But "Newsweek" says the ban will merely cause a reshuffle of payment options. The magazine asserts that as many as five of every hundred men and women in the US gamble at online casinos, betting over $100 billion annually.
The real issue is not whether online gambling will continue by US residents, but whether the US will tax the industry. Regulation of Internet casinos could garner as much as $42 billion over a decade, while pursuing the ban will generate nothing but enforcement costs.
Continued attacks on both legislative and judicial fronts may eventually lead to the UIGEA law being stricken, but either way the online casino genie is out of the bottle, and all the US government's efforts will not place him back inside again.
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