• New Mexico Governor Favors Repeal of UIGEA

    02 May 2007

    While on a campaign stop in Nevada this week Bill Richardson, Democratic presidential hopeful, said he favors repealing last year’s congressional ban on internet gambling.

    According to Yahoo! a reporter talked to Mr Richardson regarding his stance and relayed the following information:

    “I’m against shutting it down,” Richardson said in an interview with The Associated Press. “This is important to the economy of the state, as long as it’s properly regulated and it is.” While in this wide-open gambling state, the New Mexico governor said he might occasionally play slot machines but otherwise doesn’t gamble.

    The Internet gambling ban prohibits banks from processing fund transfers from players to settle their online wagers. The
    Federal Reserve and other bank regulators were tasked with coming up with practical measures to enforce the law by July 2007.

    Americans bet an estimated $6 billion per year online, according to industry figures, most of it through sites run by companies outside the U.S.

    Bill Richardson is currently Governor of New Mexico and has previously served as a U.S. Representative, Ambassador to the United Nations, and as the U.S. Secretary of Energy as well as chairman of the 2004 Democratic National Convention