Originally Posted on Saturday Nov 28 5:36:00 GMT 2009
The end of November has been eagerly awaited by the online casino industry. Laws that were scheduled to come into play in early December in the US would have made it almost impossible for gamblers to be paid by their casinos.
However, on Friday the Treasury Department delayed their decision until 1 June 2010. Apparently the extra time was needed in order to implement the rules for the Unlawful Internet Gambling Enforcement Act, known as UIGEA.
Online casinos were afraid they would not be able to operate in the US market once the new rules came into effect. It is now hoped that the representative, Barney Frank, will have enough time to overturn the UIGEA.
A statement by Frank made on Friday said, “The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush Administration which would curtail the freedom of Americans to use the internet as they choose and which would pose unrealistic burdens on the entire financial community.
The delay gives the online casino industry, here in New Zealand, as well as in the US and worldwide, time to reflect on the future on the online gambling business.