It’s been four years now since the UIGEA, or Unlawful Internet Gambling Enforcement Act, has been in effect. Though it was meant to help the cause of gambling problems, in contrast it ended up harming it. US casino gamers moved their gambling to offshore companies instead and fueled millions out of the country. Banks were tasked with monitoring all activities and denying those that were direct results of gambling activities. The added cost has proven to be a hefty pricetag for financial institutions, but if they aren’t as staunch they could end up facing huge fines by the government. In an effort to not be fined they were overzealous in their watch for illegal activity and some legal gambling activities were swept away with the rest.
Now, Barkey Frank is petitioning hard for changes. He has been the leader in US remodeling of gambling law and hoping for new laws to replace the UIGEA. He would like to replace the law with a bill that would license and regulate gambling in the US. Financial institutions are in favor of the change because they no longer want the responsibility of monitoring gambling activity. It costs them a lot to manage the issue and that cost is not going to diminish over coming years since all signs are showing that gambling is increasing in popularity. If Frank’s bill is accepted, it will change the face of gambling in the country and this is why Frank is so important to the cause. He has made this his primary focus for the past few years and is number one in finding a solution.
It will take time to sort through the issue, but all signs are showing that the US is in dire need of a change in gambling law. The UIGEA has long failed to meet its intended purpose due to incomplete writings and incomplete definitions. One of the main problems with the bill was that though it revolved around gambling, it never defined what “gambling” really was. The bill was passed without adequate wording. Hopefully Frank’s replacement laws will take on the necessary precautions and be a complete solution to the issue and all it entails.