The Unlawful Internet Gambling
Enforcement Act does not, in fact, ban internet gambling, per say.
It does, however, forbid any gambling sites to accept payment and
financial transfers from any financial institution based in the
United States of America. A start, except for the fact that the U.S.
has no jurisdiction over companies based outside of the United
States either. So, as it legally stands, the bill puts American
online gambling sites out of business.
The UIGEA specifically prohibits transfers of funds from U.S.
financial companies. These include not only credit card companies,
but banks as well. There were motions to try to get Credit Unions on
board as well, but because they are non-profit co-ops, and governed
by CUNA, completely separate from the government, they refused
cooperation. Despite the wording of the bill, by the time it passes,
many banks had already begun refusing payment for transfers to and
from online gambling sites, rendering it necessary for gamblers to
utilize third-party services like Neteller to send their funds. The
passing of the bill only further encouraged this existing practice
and opened the loophole further.
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