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Online Casino News
Casino News and Current Events
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October 15, 2008 Online Casino News |
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What the UIGEA Really Means
(Part II of III)
The legal definitions of several
words are important in
determining what the UIGEA is
really about. Section 5362 is
all the definitions that are
needed to decipher the bill.
Bet or Wager is defined as
someone risking something on a
transaction of some sort. The
important part of this
definition is the idea that it
is based on “chance” which the
poker groups have jumped on as
they do not feel that it
accurately describes their game.
Designated Payment System is any
company that is used as a
middleman to get your money from
your bank to the online casino.
Financial Transaction Provider
is anyone that provides the
“Designated Payment System” for
the purpose of getting your
money to the online casino.
Interactive Computer
Service is
basically your ISP – or whoever
charges you for you getting on
the internet.
Restricted Transactions are any
money that is floating around
out there for the purpose of
going to an online casino.
Unlawful Internet
Gambling is
the gambling that is illegal in
the United States. Online
casinos and bookies are held
accountable for the
transactions, not the ISP.
The Notes section is where it
gets really confusing as it
doesn’t expressly mention the
types of online casinos or
gambling and the Wire Act does.
The Horseracing Act makes
horseracing legal, and the Wire
Act makes sports betting
illegal. However it is assumed
that online casinos and
everything else fall into the
UIGEA category.
This section also talks about
the fact that online casino
gambling is legal as long as it
stays in the same jurisdiction
as where it started – sort of a
“what happens in Vegas stays in
Vegas” kind of deal.
Next time we continue on with
the various sections.
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