Online Casino News and Information

On Tuesday, June 25, 2008, an amendment to UIGEA bill to make the U.S. Dept of Treasury and the Federal Reserve System develop new regulations that are less burdensome to the U.S. financial services companies was defeated by a tie vote. This amendment would have forced federal regulators to create formal rulemaking regulations to define unlawful internet gambling activities, and to create a list of unlawful internet gambling businesses. It would also have forced an economic impact study of the costs to enforce compliance.

Key Congressional Committee Reaches Stalemate on New Regulations to Enforce Internet Gambling Ban

Republicans Said ‘No’ to Amendment Helping Credit Unions, Banks

An amendment to develop new regulations to enforce the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) was defeated today in a tie vote in the House Committee on Financial Services. The amendment to the Payments System Protection Act, H.R. 5767, offered by Rep. Peter King (R-N.Y.), would have required the U.S. Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to develop new regulations to implement UIGEA that are less burdensome for U.S. financial services companies.

“It is disappointing that the Republicans would turn their back on the credit unions and banks at a time when the Treasury Department and Federal Reserve says the proposed rules to enforce UIGEA are unworkable,” said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative. “Given the freedom of the Internet, it is foolhardy to impose the current regulations and force U.S. financial service companies to police for illegal activity. Rather than prohibit an activity millions of Americans enjoy to do in their homes, just as they can do in a casino, Congress should create a regulatory framework for Internet gambling as a way to protect consumers and collect billions in much-needed federal revenue that is currently lost in an underground, uncontrolled marketplace.”

The King amendment responded to concerns raised by U.S. financial services companies about the burden and ambiguity in the proposed rules to implement UIGEA. The updated bill would have required federal regulators to adopt formal rulemaking processes to define unlawful Internet gambling activities, to create a list of unlawful Internet gambling businesses, and to conduct an economic impact study on the costs for compliance. The bill would have also forced the agencies to take into consideration the Paperwork Reduction Act and Regulatory Flexibility Act, current laws the proposed rules to enforce UIGEA failed to address.

Rep. Frank stated before the Committee on Financial Services that Congress is putting the U.S. financial services industry at risk by not clarifying the regulations to enforce UIGEA and defining unlawful Internet gambling activities. “Hijacking the financial payment system at a time when it is under major stress and giving them the job of carrying out an unclear mandate doesn’t make sense.”

Representatives of the U.S. financial services industry, including the Chamber of Commerce, The Financial Services Roundtable, Credit Union National Association, and National Association of Federal Credit Unions, pledged their support for the Payments System Protection Act and King amendment in letters to Rep. Frank and members of the Committee on Financial Services.

“I wish to be clear that we do not support the notion that financial services companies should be ‘deputized’ to police gambling activity in any form or function,” wrote Mr. Steve Barlett, president and CEO of The Financial Services Roundtable. “While we would support the passage of H.R. 5767 as introduced, I agree that the King Amendment makes essential improvements to a deeply flawed law and therefore support its inclusion.”

Concerns about the impact of UIGEA were also raised by the Americans for Tax Reform (ATF) and Competitive Enterprise Institute (CEI) in a letter to members of the Committee on Financial Services, which said that “if implemented as proposed in current regulations, UIGEA would have a number of serious, negative consequences for the nation’s economy.”

Concerns about the proposed rules to implement UIGEA were previously raised at a congressional hearing on April 2, 2008 (”Proposed UIGEA Regulations: Burden without Benefit?”) and in hundreds of comments submitted to the Department of the Treasury and Federal Reserve System. Representatives of the Department of the Treasury and Federal Reserve System acknowledged at the hearing the challenges U.S. financial institutions will face in attempting to comply with UIGEA.

Last year, Rep. Frank introduced the Internet Gambling Regulation and Enforcement Act (H.R. 2046) that would establish a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the U.S. It includes a number of built-in consumer protections, including safeguards against compulsive and underage gambling, money laundering, fraud and identity theft. States would also have the right to control what, if any, level of Internet gambling is permissible within their borders and could apply additional taxes and restrictions.

A companion piece of legislation to the Frank bill introduced by Rep. Jim McDermott (D-Wash.), the Internet Gambling Regulation and Tax Enforcement Act of 2008 (H.R. 5523), would ensure the collection of taxes on regulated Internet gambling activities. According to a tax revenue analysis prepared by PricewaterhouseCoopers, taxation of regulated Internet gambling is expected to generate between $8.7 billion to $42.8 billion in federal revenues over its first 10 years.

The Safe and Secure Internet Gambling Initiative encourages you to contact your Representative now to thank them or ask for their support for regulated Internet gambling. Visit www.safeandsecureig.org and take action today.

Good news? Not sure yet. We will keep you informed as things develop!! To me this is ONE for the Industry!!! I do not think the banks will bend from thier last statement that they would not police thier customers.

This could be very good news for the online Gambling Industry!! Soon hopefully we will know what will happen.

(Washington, D.C. - June 20, 2008) - On June 24, 2008, the House Committee on Financial Services will mark up legislation, H.R. 5767, that would prohibit the Department of the Treasury and Federal Reserve System from proposing, prescribing or implementing any regulations related to the current ban on Internet gambling, as required by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA).

“Congress has studied this issue and heard from the financial services community and federal regulators that the current ban on Internet gambling is burdensome and doomed to fail. Now it is time for Congress to change course and find a way to protect the millions of Americans that are continuing to gamble online,” said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative.

H.R. 5767 was introduced by Reps. Barney Frank (D-Mass.) and Ron Paul (R-Texas) on April 11, 2008. The introduction followed a hearing entitled, “Proposed UIGEA Regulations: Burden without Benefit?” in the House Committee on Financial Service’s Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. Reps. Frank and Paul stated in their press release accompanying the introduction of H.R. 5767, “it was clear at the hearing that the regulations are unworkable for the financial services industry, and this bill would, therefore prohibit their implementation”.

Representatives of the U.S. Department of the Treasury and Federal Reserve System acknowledged at the hearing the challenges U.S. financial institutions will face in attempting to comply with UIGEA. Testimony was also heard from representatives from the Credit Union National Association, Financial Services Roundtable, American Bankers Association and Wells Fargo & Co., who spoke about the unnecessary burden they would face given the ambiguity of UIGEA and the potential confusion with the chance of multiple interpretations of what may or may not be illegal activities.

Last year, Rep. Frank introduced the Internet Gambling Regulation and Enforcement Act (H.R. 2046) that would regulate Internet gambling. The bill requires Internet gambling operators licensed by FinCEN to put in place safeguards to protect against underage and compulsive gambling and ensure the integrity of financial transactions at the same time reinforcing the rights of States to control what, if any, level of Internet gambling is permissible within their borders.

A companion piece of legislation to the Frank bill introduced by Rep. Jim McDermott (D-Wash.), the Internet Gambling Regulation and Tax Enforcement Act of 2008 (H.R. 5523), would ensure the collection of taxes on regulated Internet gambling activities. According to a tax revenue analysis prepared by PricewaterhouseCoopers, taxation of regulated Internet gambling is expected to generate between $8.7 billion to $42.8 billion in federal revenues over its first 10 years.

About Safe and Secure Internet Gambling Initiative
The Safe and Secure Internet Gambling Initiative promotes the freedom of individuals to gamble online with the proper safeguards to protect consumers and ensure the integrity of financial transactions. For more information on the Initiative, please visit www.safeandsecureig.org.  The Web site provides a means by which individuals can register support for regulated Internet gambling with their elected representatives.

Make sure you sign up and register and show your support, to get out freedom back to gamble online!!!

The saga continues between the US and Antigua. For such a small island they have shown a lot of guts and determination in this battle.

Antigua’s top finance official, said that a new deadline date of Friday, June 20th has been set to settle their dispute with Washington and St. John over internet gambling. It was set to be settled on June 6th, but was not.

They (Antigua) say the US has crippled its gambling industry by banning Americans from making online bets with their gambling operators, which includes the ones based in their twin-island of only 70,000 people.

Without disclosing any specifics, Finance Minister Errol Cort, said that sit down talks with US trade representatives could achieve a new resolution by June 20th. He thinks by giving more time they can see if they can meet an amicable resolution.

The law (UIGEA) was passed by the US Congress in 2006 that barred banks and credit card companies from processing payments to online gambling companies outside the US. This law blocked Antigua’s access to US gambling market, which was the most lucrative in the world.

US Trade Representative Sean M. Spicer said they are trying in good faith to settle this dispute.  Antigua has sought $3.4 Billion. The WTO backed Antigua’s request to target US services such as copyrights and trademarks in retaliation for the US betting ban, but ruled it could only impose $21 Million.

We shall see what happens on Friday!! Stay tuned in this continuing saga, with this little country..that is not afraid to stand up and be noticed!!

This could be very good news indeed for the Online Gaming Industry. It is about time the US opens their eyes to a law that can never be put in place. The US has enough to worry about without trying to put in place a law that will never work.

The experts in the Gaming Industry are saying the UIGEA CANNOT be implemented. They are asking the US to get smart and join the rest of the world, and regulate the online gaming.

On Saturday a panel from the industry encouraged lawmakers to go with state regulated online gaming. They started by pointing out the downfalls of the 2006 UIGEA Bill.

The act says that banks are in charge of screening any transaction that looks dubious. They handle millions of transactions a day, so would make this impossible. Teruo Kitada, Senior council for Wells Fargo stated: “Perhaps the idea behind the act is commendable, but the challenge is the implementation.”

Frank Catania says the federal law is not equipped to regulate online gaming. He suggested that each state should do the regulating, by calling the act “bad public policy” that is not possible to enforce.

We all know it is going to be regulated, but we also know that this will not happen until after the election in November. Catania stated: “The online gaming market will continue to expand regardless of decision to regulate. Consumer demand and industry growth will force governments to act.”

Since Catania’s estimates the online gaming industry in the US is valued at over $15 million, it clearly needs a sound policy.

We will continue to keep you updated on this issue, and we look forward to the outcome. Remember to Pray and vote wisely in the November elections!!

As always eCOGRA is always improving things for the players. This new Director should add even more protection, with his credentials, I am sure he will be an asset to the Company.

London, 10 June 2008 - The online gambling player protection and standards organisation eCOGRA has announced a change to its 7 person Board of Directors, in which Chris Hobbs, Head of Corporate Affairs at Microgaming replaces Roger Raatgever as one of the Founder Directors of the independent, non-profit body. The other Founder Member seats are held by bwin and 888.com.

Under the eCOGRA charter, the Board currently consists of three Member Directors and four Independent Directors.

The Independent Directors, to whom CEO Andrew Beveridge reports, are solely responsible for the executive control of eCOGRA and the activities of its powerful Seals Compliance and Audit Committees, which test and monitor “Safe and Fair” seal operators and control the award, review and if necessary revocation of the seals.

Chris Hobbs (45) is the senior executive responsible for corporate affairs at the Isle of Man-based Microgaming head office. Educated at the prestigious Kearsney College in South Africa and the University of Natal, he holds Bachelor degrees in Commerce (business finance, business administration and business data processing) and Science (pure and applied chemistry).

Prior to joining Microgaming in 2005, he held management positions at Sentrachem Limited in the chemical industry, and as a corporate banking executive for Absa Bank in Johannesburg and London.

eCOGRA’s chairman of the Board, Michael Hirst OBE welcomed Hobbs and thanked Raatgever for his invaluable services to the organisation since it formed in 2003.

“During his term as a Director, Roger Raatgever has given his complete commitment to eCOGRA, during which time it has expanded well beyond its original remit and now covers many more operating and software companies than just the Founding Members. His integrity, business and industry knowledge has been invaluable to the Board. “We look forward to working with Chris Hobbs, who brings to the Board impressive management experience and credentials and a strong commitment to player protection and responsible gambling.”

About eCOGRA:

 eCOGRA is the only not for profit organisation within the online gaming industry that offers player assurance and protection with regard to fair gaming and responsible operator behaviour.

 The Independent Directors of eCOGRA are: Bill Galston, OBE, retired Chief Inspector for the Gaming Board of Great Britain; Bill Henbrey, former head of gaming services at leading international accounting firm BDO; Frank Catania, former Assistant Attorney General and Director of New Jersey Division of Gaming Enforcement and Michael Hirst, OBE, a former board member of Ladbroke Group Plc, and formerly Chairman and CEO of Hilton International.

The organisation’s Seals Compliance Committee is comprised only of Independent Directors, and is responsible for:
 
Determining the rules and procedures under which the seals may be awarded.
Proposing and approving changes to eGAP.
Considering suitability of membership applications and eGAP review applications from standalone software suppliers and operators, and where necessary requesting additional information to complete the acceptance process.
Approving new seals and renewing existing seals after considering eGAP review findings submitted by the Compliance Manager and any other information which has come to the attention of the Committee. 
Revoking or suspending seals following significant operator and / or software supplier contravention of the eGAP requirements, and 
Requesting special investigations by eCOGRA employees or independent experts into alleged contraventions of the eGAP requirements.
Over 130 tier one online casinos and poker rooms currently use eCOGRA test and audit services, with 49 operations currently undergoing inspection and review for its “Safe and Fair” accreditation seals.

Always look for the eCOGRA seal at any site you play. You are assured of fairness and integrity!

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