UIGEA Delayed Temporarily

Online Poker is still tangible for US players – at least temporarily, as the UIGEA has been delayed for 6 months. To catch up on the American Poker industry, see here

The harsh restrictions put in place on the online gambling industry within the USA by the Unlawful Internet Gambling Enforcement Act (UIGEA) have to date made life very difficult for US-based online Poker players. The law, which bans all forms of online gambling, is effective in that it disables players from making online transactions to finance their wagers. However, players have still found alternate ways of making such payments due to the law’s lack of definition and many loop holes. For some time, legislators have wanted to tighten these restrictions in order to prevent further unlawful online gambling, yet the decision to do so has recently been postponed. US Poker players can now relax for an additional six months with this much needed breathing space.

The issue was put forward to the Federal Reserve and Treasury Department by government officials and Political Action Committees alike. Following their lobbying, the UIGEA will not be reinforced for another six months this decision will not only allow online Poker players within the USA to continue enjoying their hobby stress-free for another half a year at least, but also allow financial institutions associated, such as banks and credit card companies, to prepare for the eventual restrictions in a less hurried and imposing manner.

The delay will further enable opposition to the UIGEA to continue lobbying for a change. The most dominant repeal is that of Barney Frank, a House of Representatives member and supporter of a regulated online gambling environment for Americans. His bill, known as the “Internet Gambling Regulation, Consumer Protection and Enforcement Act,” could reformat the USA online gambling industry by legalizing online gambling for the price of taxing and regulation – a small price to pay on the players’ behalves. There are currently 60 other members in support of the bill, which could fund many important government schemes from the taxing, such as the newly proposed health reform.

The result of taxed online gambling will inevitably mean that winnings will be taxed, yet the flip side is that losses will also be able to be claimed back. Either way, the delay of the UIGEA has been warmly welcomed, and the idea of a change has become ever more attainable.