Online Casinos Here To Stay Despite UIGEA Ruling
With debate still raging over whether or not a last-minute delay of UIGEA implementation would be a good thing, Newsweek have reported that internet gaming will continue even if banking payment processing remains banned.
The UIGEA – which crept into US legislation after being tacked onto the end of the Port Security bill – is scheduled to be implemented on December 1st, but Members of Congress are currently lobbying the Treasury to have the act delayed indefinitely.
However, Newsweek have revealed that they expect even if the ban does come into full effect at the start of next month, online casinos will merely reshuffle their payment options in order to continue operating. The magazine has reported over $100 billion is wagered annually at online casinos in the US, meaning that the real issue is not whether online gambling will continue, but whether the government will tax it.
It is thought that regulation of the industry could garner the US government as much as $42 billion in tax revenues over the course of a decade, while the only thing pursuing the UIGEA ban will generate is exorbitant enforcement costs. As such, continued attacks on UIGEA on both judicial and legislative fronts may well see the ban stricken in the new year, but according to Newsweek, whatever the result online casinos won’t be going anywhere in the coming months.