UIGEA Causes New Hampshire Lottery to Lose Millions
26 January 2009
The UIGEA which was forced through the last days of the Bush Administration, and became effective just recently, has cause problems where it was not intended to cause any.
The enforcement of these laws had already put a strain on the US financial Industry, by requiring payments both too and from online gambling firms. They did this with out specific terms on what was legal and what was not. It was said that this would cause confusion, and so happens it has started doing just that.
In New Hampshire, it has proven to hurt more than help. The credit card companies have stopped payment of people buying lottery tickets. This has hurt the State’s Powerball lottery which brought in big revenue for the state. Thus New Hampshire has lost millions in revenue.
New Hampshire is now looking for ways to raise funds, and one way is to increase land gambling by bringing in and legalizing slot machines.
Will the US ever learn that handling things the way they have the UIGEA is hurting everyone? I am sure there will be more of this happening in more and more states.
Source: InfoPowa News
10 October 2006More online firms suspend US gambling operations
INTHENEWS – www.inthenews.co.uk Tuesday, 10 Oct 2006 10:16 The new US law bans banks from processing online gambling payments Two online gambling firms have announced that they are suspending their operations in the US ahead of the imminent implementation of new laws restricting internet gaming.Read full article
06 November 2006ONLINE GAMBLING FIRMS SEE NO ADVANTAGES IN OPERATING OUT OF UK
EDITOR’S OPThe talk around town, London Town that is, is that the British government’s attempts to get online gambling firms to base their operations in and pay tax to the UK is not going to fly . The Observer reported that John Healey, Treasury Minister for the UK was addressing tourism industry leaders last week. During his speech, he said the government is having problems fixing a tax rate to persuade online gambling firms to pay tax in the UK.Read full article