Sunday, November 29, 2009
United States' Unlawful Internet Gambling Enforcement Act Delayed
7:09 AM | 
Posted by
coolvision
The mandatory compliance date for the regulations of the UIGEA, which came to life as midnight rules earlier this year by the outgoing Bush administration, will likely be postponemented six months, according to several high-profile sources in the business. Originally, the financial services business in the United States had until December 1st to come into line with the 2006 law. Now, that date appears to be June 1st, 2010.
No official comment from U.S. Treasury Secretary Timothy Geithner (pictured at left) or Federal Reserve Chairman Ben Bernanke had been released at press time. Interactive Media Entertainment and Gaming Association Chairman Joe Brennan told PocketFives.com, “I’m surprised because normally it's unusual for the Treasury to do this. Regardless of whether it was the Poker Player Alliance's pressure, the banking business's pressure, or Congressman Barney Frank's pressure, it’s encouraging to see. It's the first time you could say that things have stopped going against the business here in Washington, DC.”
The PPA, the poker business’s main lobbying force, was among several groups that authored letters to Bernanke and Geithner urging that the mandatory compliance date for the UIGEA regulations be pushed back until December 1st, 2010. Others who chimed in included the National Thoroughbred Racing Association, the American Greyhound Track Operators Association, and members of Kentucky’s Congressional delegation, which feared that overblocking of legal online USA casino gaming transactions could stunt online wagering on horse racing. In New Hampshire and North Dakota, overblocking led to denial of legal online lottery purchases.
Sources famed that final confirmation of a six-month postponement had not yet been released. Given the December 1st deadline, Geithner and Bernanke had until next Tuesday to issue a formal statement. On Thursday, residents of the United States will celebrate Thanksgiving, leading to a possible announcement coming on Friday or Monday. No timeline was available at press time.
On Thursday, December 3rd, a hearing at 10:00am ET in Room 2128 of the Rayburn House Office Building will see discussion of HR 2266 and HR 2267. The former postponements the compliance deadline of the UIGEA regulations by one year to December 1st, 2010, although whether it will still be discussed given today’s news of a six-month extension is not yet known. HR 2266 has 53 co-sponsors on both sides of the aisle and is the brainchild of Frank, who introduced the measure in May.
On the same day six months ago, Frank introduced HR 2267, which establishes a full framework for online USA casino gaming companies to solicit U.S. business. HR 2267 is up to 63 co-sponsors and has the full support of business organizations like the PPA. When the UIGEA was approved three years ago, the new law drove some online poker sites out of the market entirely. The publicly traded companies Party Gaming and Sportingbet own the two sites, respectively; both can be found on the London Stock Exchange.
When the six-month extension expires, an option for an additional postponement appears to be part of the plan as well. June 1st will mark the end of six months. Then, the country will be immersed in the 2010 elections, which will take place in November.
No official comment from U.S. Treasury Secretary Timothy Geithner (pictured at left) or Federal Reserve Chairman Ben Bernanke had been released at press time. Interactive Media Entertainment and Gaming Association Chairman Joe Brennan told PocketFives.com, “I’m surprised because normally it's unusual for the Treasury to do this. Regardless of whether it was the Poker Player Alliance's pressure, the banking business's pressure, or Congressman Barney Frank's pressure, it’s encouraging to see. It's the first time you could say that things have stopped going against the business here in Washington, DC.”
The PPA, the poker business’s main lobbying force, was among several groups that authored letters to Bernanke and Geithner urging that the mandatory compliance date for the UIGEA regulations be pushed back until December 1st, 2010. Others who chimed in included the National Thoroughbred Racing Association, the American Greyhound Track Operators Association, and members of Kentucky’s Congressional delegation, which feared that overblocking of legal online USA casino gaming transactions could stunt online wagering on horse racing. In New Hampshire and North Dakota, overblocking led to denial of legal online lottery purchases.
Sources famed that final confirmation of a six-month postponement had not yet been released. Given the December 1st deadline, Geithner and Bernanke had until next Tuesday to issue a formal statement. On Thursday, residents of the United States will celebrate Thanksgiving, leading to a possible announcement coming on Friday or Monday. No timeline was available at press time.
On Thursday, December 3rd, a hearing at 10:00am ET in Room 2128 of the Rayburn House Office Building will see discussion of HR 2266 and HR 2267. The former postponements the compliance deadline of the UIGEA regulations by one year to December 1st, 2010, although whether it will still be discussed given today’s news of a six-month extension is not yet known. HR 2266 has 53 co-sponsors on both sides of the aisle and is the brainchild of Frank, who introduced the measure in May.
On the same day six months ago, Frank introduced HR 2267, which establishes a full framework for online USA casino gaming companies to solicit U.S. business. HR 2267 is up to 63 co-sponsors and has the full support of business organizations like the PPA. When the UIGEA was approved three years ago, the new law drove some online poker sites out of the market entirely. The publicly traded companies Party Gaming and Sportingbet own the two sites, respectively; both can be found on the London Stock Exchange.
When the six-month extension expires, an option for an additional postponement appears to be part of the plan as well. June 1st will mark the end of six months. Then, the country will be immersed in the 2010 elections, which will take place in November.
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