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A 6 month delay of bank regulations associated with the Unlawful Internet Gaming Enforcement Act passed in October 2006 is a good thing, so say some in the European online poker market.
The new reqs were set to go into effect December 1. Gambling911.com broke the story Wednesday that a settlement had been reached between Congressman Barney Frank and the US Treasury Department to delay the process another 6 months.
And it's not just the US-facing online poker rooms that are rejoicing at this news.
Representatives from BetFred.com, a European-based Internet poker room, had this to say on Friday in a blog posting:
Reports of the Unlawful Internet Gambling Enforcement Act (UIGEA) being delayed for six months until June 1 2010 has been an excellent early Christmas present as it is the first concrete sign that the ridiculous act is to be abolished.
As a UK-based poker player most people ask why I am so bothered about the UIGEA as they do not think it affects me or those from European countries when in reality if affects us all. There are hundreds of thousands of American players who would just love to be able to put $50 online on Friday when they have finished work and if they lose it so be it.
Whilst sites such as Betfred Poker have these sorts of recreational players, imagine having twice or thrice this number of weak players willing to donate their money to you every day of the week. With the "legalisation" of poker in the USA, everyone across the world should benefit from the influx of fresh fish! I for one have everything crossed that it will happen.
The delay also comes after Congresspersons from the state of Kentucky threatened to no longer process horse bets. The UIGEA allows for horse racing wagers, however, banks have no way of distinguishing between the so-called "good" online gambling transactions and the "bad" one's. The financial institutions have threatened to stop all such transactions.
Jagajeet Chiba, Gambling911.com
