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Call For Hold On UIGEA Regulations
10/3/09 - Washington politicians from both political parties have called for a hold on the implementation of the supporting regulations for the Unlawful Internet Gambling Enforcement Act (UIGEA), due to kick in on December 1st this year. The bipartisan call by nineteen Congressmen and women claims the move will place an unreasonable burden on regulators and the financial services industry at a time of economic crisis.
U.S. House Financial Services Committee Chairman Barney Frank led Friday's call, which complements proposed legislation to set the regulations back for a year whilst the legalisation of online gambling in the United States is debated.
"We are writing to strongly urge you to ... to extend the date of compliance for the final regulations implementing the Unlawful Internet Gambling Enforcement Act by one year," the legislators appealed in a letter to U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke, describing the regulations as 'flawed'.
Congress passed the anti-online gambling legislation, which disrupts financial transactions with online gambling sites, in 2006, when Republicans still controlled both the House and the Senate.
The bipartisan group included Republicans Ron Paul of Texas, Judy Biggert of Illinois and Peter King of New York.
A spokeswoman from the Federal Reserve said they had received the letter and would respond to it. There was no immediate comment from the U.S. Treasury.
The controversial UIGEA caused the exit of major European companies from the US market, incurring billions in losses. The manner in which the law was passed attached to an unrelated security bill, and its imprecise nature, together with inequities that allow online betting on horseracing, fantasy sports and state lotteries have continued to create serious problems for the US, damaging its international reputation in the World Trade Organisation.
At home, financial organisations have warned that the imprecise nature of the Act will create 'overkill' situations in financial institutions burdened with its enforcement. These have already surfaced in the form of problems of definition that have adversely impacted at least two state lotteries .
Friday's appeal to Geithner and Bernanke urges the officials to accept a petition filed by the National Thoroughbred Racing Association, the American Greyhound Track Operators Association and the Poker Players Alliance asking for a delay in the implementation of the rules for one year.
Conservative Christian groups and the major US professional sports leagues are opposed to legalising and taxing online gambling.
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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