Online casinos continue to survive
February 22, 2010, 9:55 am (7 years ago)
In 2006, the UIGEA had been issued, efficiently disrupting the increasing development of online casinos. Despite the fact that the players would be undamaged by legal consequence, payment processors, both those who can transfer the fund to the casino and the financial institutions holding the funds, are going to have to deal with penalties if they don’t follow the regulation.
The UIGEA was ready to be effective in December of 2009, but legislators including Barney Frank had battled to delay this deadline. The postponement pushed the Act's agreement deadline back by 6 months, leaving no choice for financial intuitions but to stop processing gambling payments by June 1st, 2010, or they had to face penalties. In spite of the postponement, VISA and MasterCard had attempted to stop providing their service for any kind of online gambling related transactions.