Online Gambling Compliance
Deadline is Extended
December 11, 2009
It
was the sigh heard around the internet world –
the United States Treasury and the Federal
Reserve decided to postpone the implementation
of the regulations that came with the Unlawful
Internet Gambling Enforcement Act or UIGEA.
Those within the online gambling industry could
not believe their luck, and the banks and
financial institutions were relieved that they
would no longer have to worry.
They have given the financial institutions
another six months to comply with the
regulations on online gambling as set forth in
the UIGEA. They said that “a limited extension
of the compliance date for regulated entities is
appropriate” and moved the date from December
1st to June 1st.
Online gambling enthusiasts were excited because
they knew that this meant that they had more
time to work to get their bills passed that
would overturn the UIGEA – and hopefully it
could be done before the June 1st deadline,
which means that they would not have to deal
with the regulations at all. This was truly the
scenario that they were wanting, and nothing
could have been better short of throwing out the
UIGEA altogether.
They had asked for the implementation of the
online gambling regulations to be postponed for
a year, but six months was just fine with them.
They say that this gives them hope that some
time within the next six months that online
gambling might actually be legalized again. Many
of them say that they are waiting for a sign
from our President that he is behind them in
their quest to have online gambling legalized,
but it would appear that he is trying to keep
his nose out of it.
