A recap on gambling regulations and legaisation; what happened and where do we stand?
In 2006, the US passed the Unlawful Internet Gambling Enforcement Act. This law prohibited any US business from running an online casino, or receiving or directing deposits from the sales of a casino. However, nothing in the law prohibits US players from being customers of an online casino. There are many countries that host online casinos to draw in customers from around the globe.
In response, some businesses have set up shop in different countries in order to continue their casino business. Many still market it heavily in the US, legally or not. Recently, sites, such as Full Tilt Poker, and Poker Stars, have had their domains seized in order to curb this type of traffic. How effective this has been, however, is still questionable. Some websites buy new domains and start again.
Financial institutions are currently seen as the main key to controlling these operations, so the US government has been pressuring them to cut ties to online casino rings. Many payment methods are now encouraging direct bank account access to fund online gambling wins.
Despite all of this, US states, suffering from a lack of tax income, have been clamoring for a change in the law so it can begin authorizing online gambling in the states. The wish is for states to guide their own policies in matters related to gambling winnings, citing the lottery as one of the main reasons. Another opinion is that businesses have a lucrative opportunity to reach customers that do not enter local casinos. Las Vegas, for example, had 40 million people come in to visit, but they also cite that 40 million people are also on Facebook.
If the future trend stays on course, it won’t be long before the law may be remitted in favor of the states online gambling crusade.