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UIGEA Regulations released today

Discussion in 'Other Complaints' started by farookh, Oct 1, 2007.

    Oct 1, 2007
  1. farookh

    farookh Dormant account

    Occupation:
    Unemployed
    Location:
    main street USA
    If anyone wants to take a look at the new regulations proposed by the Treasury regarding online gaming transactions in the US, here is the URL. You must register/login in order to see the link.. Very confusing to say the least. This probably won't go into full effect until next year.
     
    8 people like this.
  2. Oct 1, 2007
  3. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    I'm still early on in the 52 pages but I found a very positive sentence describing the way the federal government has interpreted the UIGEA:

    That's good! So all internet sportsbetting is illegal (which we already knew), and other internet gambling from within one of the 11 states is illegal. That's wonderful news for those of us who don't bet on sports and don't live in one of those 11 states. It's confirmation from the federal level that we aren't breaking any laws.

    Here's another good-sounding sentence:
    It sounds to me like that would be both effective and easily worked around.

    Big brother is... not watching?

    I am not a lawyer so you shouldn't believe anything I just said.
     
    1 person likes this.
  4. Oct 1, 2007
  5. NASHVEGAS

    NASHVEGAS Banned User - flamming, disrespecting admin, unfor

    Occupation:
    LOL
    Location:
    MERS
    But the casinos,etc who accept any type of bet are, I think, if so later MG,RTG,ETC.:eek:..........correct me if I am wrong as I am also still early:thumbsup:
     
    Last edited: Oct 1, 2007
  6. Oct 1, 2007
  7. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    I'm not touching that with a 40-foot pole. :lolup:

    EDIT: More good reading starting on page 24 with "6. List of unlawful Internet gambling businesses". It's surprisingly easy-reading, for something that our government came up with.
     
    1 person likes this.
  8. Oct 1, 2007
  9. NASHVEGAS

    NASHVEGAS Banned User - flamming, disrespecting admin, unfor

    Occupation:
    LOL
    Location:
    MERS
    Thanks for the info, my head is just not clear (sinuses) so I might try again later but hopefully ROSE or some other atty. can summarize for us ugly monsters..........seriously,I appreciate your posts and thoughts pursuant to the entire just published regs,:thumbsup::thumbsup:
     
    1 person likes this.
  10. Oct 1, 2007
  11. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    I'm under the weather myself, have been since Thursday evening.

    And just a reminder to all that these are merely the proposed regulations, and they are seeking comment before sometime in December. The final regulations could look very, very different.

    I too hope that an actual attorney publishes an analysis soon.
     
    1 person likes this.
  12. Oct 1, 2007
  13. farookh

    farookh Dormant account

    Occupation:
    Unemployed
    Location:
    main street USA
    re:

    It doesn't look too bad overall. I'm just glad that the previous attempts didn't get pushed through. Some of those earlier ones;98/2000) that Leach proposed would have had fines for merely placing a bet. I'm sure the banks are thrilled about playing cop :). SHould be interesting.
     
  14. Oct 2, 2007
  15. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    I'll have some of whatever you're smoking... or drinking... :D Right now, after hours and hours of paperwork and computer work my eyes and brain are not communicating with each other, and together, they just aren't up to comprehending a government document. :oops:

    Thanks so much farookh, for finding and posting this. I can never find a damn thing at the .gov sites -- unless someone else posts a direct link. :rolleyes:

    Ya'll keep reading and posting... maybe it will help me schlog through it... :thumbsup:
     
  16. Oct 2, 2007
  17. NASHVEGAS

    NASHVEGAS Banned User - flamming, disrespecting admin, unfor

    Occupation:
    LOL
    Location:
    MERS
    And I thought I was all alone.;)
     
  18. Oct 2, 2007
  19. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    One Martini for Mousey, coming right up!

    Ahem.

    This is the section I was talking about which was (relatively) "easy reading". Just force yourself to start at the top and you'll have finished reading it before you know it. Alternatively, you can jump to the bottom to see my synopsis.

    My Summary

    It will be too difficult to maintain a list of gambling payment processing companies. :D
     
  20. Oct 2, 2007
  21. NASHVEGAS

    NASHVEGAS Banned User - flamming, disrespecting admin, unfor

    Occupation:
    LOL
    Location:
    MERS
    That is a perfect example of why I said "screw it,too damn contradictory........":thumbsup:
     
  22. Oct 2, 2007
  23. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    Yo! Simmo! can we get this thread moved to Casino Industry section maybe?

    From CNet:

    You must register/login in order to see the link. exempt some transfers

    By Reuters
    You must register/login in order to see the link.

    Story last modified Mon Oct 01 16:20:49 PDT 2007


    Internet gambling regulations proposed by U.S. officials on Monday stopped short of requiring U.S. banks to block checks their customers make to online casinos while forcing banks to halt debit and credit payments.
    The Treasury Department and the Federal Reserve issued a plan requiring bank policies and procedures that are "reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling," they said in a statement.

    The new U.S. regulations would make the banks responsible for blocking credit and debit card payments for online gambling. It also bars bank customers such as online casinos from receiving Internet gambling proceeds.

    "I think that that's doable," an industry source said of the proposal.

    But industry officials said it seemed that regulators had addressed their biggest concern about the new law. The agencies concluded it was "not reasonably practical" for the banks to identify and block customers from sending checks and making some other types of transfers.

    The new regulations are designed to put into effect a law passed by Congress last year ....
     
    4 people like this.

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