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UIGEA Regs Drawing Near

10/16/09 - Hopes that the Obama administration in the United States would bring a more enlightened vision to the online gambling scene, and a delay in the implementation of the Unlawful Internet Gambling Enforcement Regulations, are fading as the industry considers the content and implications of the US government's Final Rule.

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In November last year, some sixteen months after the UIGEA was passed by Congress and in something of a rush as the Bush administration was coming to an end, the Department of the Treasury and the Federal Reserve Board published the regulations supporting the UIGEA in the form of a Final Rule for compliance by US financial institutions.
 
Notice HP-1266 advised that the UIGEA prohibits gambling businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.
 
"The Board and the Treasury are required by the Act to develop a joint rule in consultation with the Department of Justice," the notification advised.
 
"The final rule requires U.S. financial firms that participate in designated payment systems to establish and implement policies and procedures that are reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling.
 
"The rule provides non-exclusive examples of such policies and procedures and sets out the regulatory enforcement framework. For purposes of the rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is initiated, received, or otherwise made."
 
Although the Final Rule becomes effective on January 19, 2010, compliance by financial institutions becomes mandatory on December 1, 2009.
 
Official announcements detailing the rule, together with legal interpretations, can be read at the following sources:
 
http://www.ustreas.gov/press/releases/reports/unlawfuinternetgambling11.12.08.pdf
 
http://www.paulhastings.com/assets/publications/1087.pdf?wt.mc_ID=1087.pdf
 
http://www.gambling-law-us.com/Federal-Laws/internet-gambling-ban.htm
 
http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20081112a1.pdf



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MPN Poker Tour Bratislava Results - Alex Hendriks Wins Inaugural MPN Poker Tour Bratislava Main Event and €27,000

MPN Poker Tour Bratislava | Day 2 - It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.

MPN Poker Tour Bratislava Day 1B - Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today

MPN Poker Tour Bratislava Day 1A - The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.

Famous professional eSports player that turned into poker - It goes without saying that nowadays eSports is one of the fastest growing industries. However, similar to regular sports, the professional gamers are struggling to find themselves after their career is over.

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