Unlawful Internet Gambling Enforcement Act Regulations Won’t Impact Online Casino Industry
In an interview held with Nelson Rose, a noted gambling law professor who often expresses dislike for online casino gambling, expressed that whether or not the law goes into fuller effect this December as planned, the Unlawful Internet Gambling Enforcement Act regulations are likely to have a small effect on the casino industry at large.
“I think there’s a good chance that HR 2266 will pass,” Rose said, referring to the legislation currently in Congress that seeks to overturn most of the Unlawful Internet Gambling Enforcement Act’s stipulations. “Nobody likes the regulations of the Unlawful Internet Gambling Enforcement Act, but it’s of such little interest to members of Congress right now.”
Altough, Rose went on to discuss why it might not matter that much. “The whole focus has changed,” he said. “Instead of looking at individual transactions, financial institutions are now told not to. Basically, the whole program focuses on due diligence on new accounts. If you’re crazy enough to set up a bank account with an American bank, they’ll ask if you’re involved in illegal internet gambling. Banks are specifically told not to look at individual transactions, so it doesn’t really do much except impose an extra level of regulation and cost onto the banks. The payment processors have already figured out ways around it.”
“The Unlawful Internet Gambling Enforcement Act is a piece of garbage, but the regulators did the best they could do with it,” Rose continued. “It’s a requirement that banks spend money for nothing and that’s not what the government should be doing right now.”
