UIGEA Is Failing?
17 June 2008
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!!