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Bankers asked for UIGEA Postponment

11/30/09 - Whilst Congressman Barney Frank, the Poker Players Alliance, Kentucky politicians and various horseracing bodies have received widespread and well deserved plaudits for persuading the Federal Reserve and the US Treasury to postpone the implementation of the UIGEA , it turns out that US financial institutions also played a key role. Pokerstars
The already overworked US financial system is charged with the burden of enforcing the UIGEA, an obligation on which it has expressed concerns at Congressional hearings on the issue, protesting that the lack of precision in the regulations and definitions of illegal Internet gambling present major problems in its enforcement.
Reporting on the issue this week, notes that the legislation requires banks and credit card networks to navigate "a thicket of confusing and often contradictory definitions and rules." Among other things, it never got around to defining the term "illegal Internet gambling." quotes from the official statement of the Fed and the Treasury announcing the postponement and naming among the submissions it had considered Wells Fargo, the American Bankers Association, the Credit Union National Association and a wide range of groups associated with the gambling industry.
"The agencies acknowledge some of the challenges regulated entities are experiencing with the act's definition of 'unlawful Internet gambling," the joint statement by the Federal Reserve and the Treasury Department admitted. "Moreover ..., several members of Congress have indicated interest in revising the Act.
"The agencies are thus persuaded that a limited extension of the compliance date for regulated entities is appropriate," the statement said.
Some Republican lawmakers, however, were less pleased.
"Simply delaying the compliance date serves no interest except that of the Internet gambling enterprises that have long evaded American gambling laws and will continue to do so until effective enforcement is in place," Rep. Spencer Bachus, R-Ala., and Sen. Jon Kyl, R-Ariz., said in a letter to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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