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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.
Gambling News :
NBA Odds: Warriors Big Favorites to Beat Cleveland -
The Warriors didn’t take last year’s NBA Finals collapse lying down. They added Kevin Durant to the starting rotation; Durant is +220 to win this year’s Finals MVP award, while Cleveland superstar LeBron James is all by himself – also at +220. Kyrie Irving is the next closest Cavalier at +1000.
$400k Winner at Bodog Casino -
To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.
NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
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