The new deadline for the full implementation of Unlawful Internet Gambling Enforcement Act (UIGEA) is delayed for another six months or until June 1, 2010. This proves that the rumor that was going around last week was in fact for real.
In a joint press release by the U.S. Department of Treasury and the Federal Reserve Board, it was announced last Friday that they are delaying by six months, from December 1, 2009 to June 1, 2010, the full implementation of UIGEA.
While many online wagers applaud this news, many believe that the pressure is still on and the problem has not yet been resolved. Online poker gaming and casino gaming in the US still runs under a cloud of doubt that anytime soon, their business may be prejudiced.
Supporters of the online gaming industry feels that with the current speed of how the process goes in resolving legal matters, it seems that six months is still quite a short time.
In spite of this, U.S. House Financial Services Committee Chairman Barney Frank says that this is positive news because this will give them the chance to act in an unhurried manner on the legislation to undo the regulatory excess of the Bush Administration and to undo this ill-advised law.
In reality, six months is in fact, a short period to legalize online gaming or to regulate it. The banks and financial institutions including credit card companies may still reject transactions to fund online betting accounts to the detriment of the gamers.
While it is good because the current condition of the US online gaming industry is yet active, this announcement merely provides hope that in the future, a brighter light will shine. The online poker gaming industry will be regulated and the wagers will be protected. This is still in the far end of the road and thus, let us all cross our fingers.
As much as we can, however, let us take part in showing our support to the bill as passed by Rep. Barney Frank. Likewise, the mounting supporters of the bill including horse racing entities and two Kentucky congressmen also showed their support in legalization online betting.
They were actually prejudiced when transactions are denied by credit cards companies, while they were initially exempted from the bill.
To make sure that things will be moving faster, let us all rally behind regulating online poker gaming. This will help online poker and online casinos work to gain back the US playing field in their sites. On the part of US gamers, they will be able to continue to enjoy online gaming.
The fear that US poker players will not be able to deposit or withdraw their money from the online gaming website may not happen as yet. Players do not need to wager only until their funds are depleted. However, because six months is only a short time, the fear and the pressure that the online industry experiences is still up in the air.
Many studies have proven that legalizing online poker and online casino gaming will benefit the government in terms of taxes and the online gamers will be protected from fraudulent online gaming sites needs to be considered.
Until that time, many US online poker players will continue to be displaced, unprotected and at risk of losing their chance to enjoy poker online.
