How is UIGEA affecting us as we move in 2010? While, the December 1, 2009 deadline set by the US Department of Treasure and Federal Reserve is fast approaching and that poker players feel threatened, they have found a saving grace. The bill passed by House Financial Services Committee Chairman Barney Frank requested the Treasure Department to push back the law for one more year.
Additionally, researches and studies from various ally organization of the online gaming industry is claiming a mounting proof that the government is losing huge taxes by not regulating online poker and online gaming in general.
The taxes that the government is losing may have been used for other projects including stopping global warming.
UIGEA deadline and effects to the online poker sites prove to be huge that they are robbed of huge earnings in favor of other sites which continue to accept US players in the field.
While online poker rooms that accept US players in their site are afraid that after December 1, they will no longer be allowed to accept deposits and that players may have to continue wagering only until their account is depleted.
Thus, even they are affected by the UIGEA and its effect on the online poker and online gaming industry.
Is there truth to the fear? Are US online poker players going to stop enjoying this neat diversion?
It may or may not affect them. But in a statement, US banks and financial institutions are already implementing their part in the UIGEA implementation by scrutinizing account openings and certain money movement.
However, it was mentioned by bank representatives even before that they cannot monitor each and every transaction which once go to off-shore gaming sites. Thus, they limit their participation in the monitoring of accounts openings and vendors codes issuance. This will ensure that they will be able to monitor wagering accounts in their database.
What is the true in the fear that US players who are able to wager up to now will only be able to continue to do so until their accounts are depleted? Some poker experts believe that this may not happen but still keep their wait and see attitude.
Another confusing stage as of this time is the mounting proof that regulating online gaming is far better than considering online gaming illegal.
It may be worth noting that while the government is losing money in the form of taxes, other sites that have dropped US players from their field is likewise suffering hugely.
Party Poker, for example, is the largest online poker site before their dropped US players from their field. Now, Party Poker barely makes it to the fourth or fifth in the ranking.
While they are able to keep a solid database or players, additional players are not so huge as when they are accepting US Players.
They are continuing with their services because they offer neat bonuses and promotional activity but other than those, they may fall further down if the UIGEA issue continues to threaten the online gaming industry.
As a poker player, you are sure to be worried but be assured that the bill as presented by Rep. Frank will help keep you playing online games. Let us support Rep. Frank and his bill to ensure that we can move forward to 2010 without the fear of losing our neat diversion, online poker and casino gaming.
