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June 8, 2007
Influencial American publication The Motely Fool has slammed the US government’s UIGEA (Unlawful Internet Gambling Act) for its inequities and put its support in behind Congressman Barney Frank’s proposal to regulated internet gambling.
UIGEA’s introduction last year has been responsible for a devastating impact on the online gambling industry with much of the American market now a restricted area for operators of most games, including online bingo. The law effectively illegalizes transactions between financial institutions such as banks and credit card companies and online gambling operators.
According to a write up in the publication, "…The House Financial Services Committee and Chairman Barney Frank said it will hold hearings on Friday to determine whether Internet gambling can be regulated in a way that balances individual freedom with consumer protection."
The article also points out that while US gambling operators like YouBet.com continue to use the Internet to operate online wagering on horses and state-run lotteries are exempt from UIGEA’s restrictions, foreign companies like PartyGaming and 888 Holdings had to walk away from millions in revenue.
In some cases, companies such as Isle of Man-based e-wallet faced serious legal issues following investigations launched by the US Department of Justice concerning financial transactions related to internet gambling.
Online bingo halls have been hit particularly hard due tot the popularity of online bingo in the US. US customers who play online bingo face severe restrictions of choice when it comes to visiting online bingo sites, or risk legal problems uder UIGEA’s far reaching laws. The free online bingo industry was a growing niche market in the US before UIGEA’s introduction.
For a closer look at the Motely Fool’s take on this issue, go here:
http://www.fool.com/investing/general/2007/06/05/quick-take-bring-back-digital-poker.aspx
http://www.fool.com/investing/small-cap/2006/10/03/did-congress-kill-online-poker.aspx
Written by John Witherspoon - Play bingo online at http://bingostreet.com .
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