US Government Confirms UIGEA Online Gambling Delay
As first reported by Gambling911.com on Wednesday, the Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban unlawful Internet gambling.
The confirmation came from both agencies on Friday.
Both said Friday that the new rules, which were to take effect on Dec. 1, would be delayed until June 1 of next year.
The rules seek to curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling.
