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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.
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, CreditCards.com 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."
CreditCards.com 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.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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