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HR5767 seeks to halt implementation of the UIGEA
HR 5767, the bill introduced by Congressmen Barney Frank and Ron Paul on April 11 that seeks a moratorium on the implementation and enforcement of the UIGEA , has moved to "mark-up" stage in the House Financial Services Committee where amendments can be suggested before the Bill goes before the House of Representatives.
In its current form the bill would prohibit the Treasury Department and Federal Reserve from "proposing, prescribing or implementing" any regulations under the Unlawful Internet Gambling Enforcement Act. The Act has been the subject of widespread criticism for its lack of precision and practicality, and the burden it places on the US banking industry, and thus far 18 Representatives have signed up as co-sponsors to stop it in its tracks.
The nature of any amendments suggested, and the further progress of the proposed legislation will be watched with considerable interest by the industry, which has been adversely impacted by the UIGEA and its ban on financial transactions with online gambling companies.
However, it faces a long and difficult road because it seeks to halt the continued drafting of supporting regulations for the UIGEA and will be strongly opposed in the House and the Senate.
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Gambling News :
Interwetten 2016 Earnings Results -
Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform
EU Online Gambling Tax Harmoney Dead -
Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.
Jack Lam Facing Big Fines in the Philippines -
It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.
PlaySugarHouse To Carry Konami Content -
Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.
ITF TERMINATES BETWAY SPONSORSHIP DEAL -
The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.
GSA To Launch European division -
The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.
Paddy Power Trading Update -
Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.
Tabcorp SunBets project -
The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.
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