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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, 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.



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2 New Christmas Slots For Microgaming - Microgaming’s jolly game additions this December. Microgaming adds two more games to kick off the festive season, in addition to its action-packed Highlander online slot.

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NBA Odds: Heat Can Burn Cavaliers in Cleveland - The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

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