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Is the Casino Industry in any real danger from the Unlawful Internet Gambling Enforcement Act? That is the question most people in the industry would like an answer to, and of course at this point it is all speculation, but recent events by the United States Department of Justice seem to indicate that the answer is yes.
The UIGEA seems to be targeting online gambling alone, and the impact to traditional casinos could be a positive one, but online casinos are certainly a target. The two founders of online financial transfer company Neteller were arrested when in the US recently, sending up warnings that the U.S. DOJ has not finished arresting foreign citizens who are under investigation.
Subpoenas have gone out to 16 overseas banks and four domestic ones as well, with the DOJ seeking information on IPOs for online poker companies that are traded publicly on the London Stock Exchange.
Could it be a lot of saber rattling? It could, but as the end of the 270 grace period offered by the UGIEA approaches, it could also be warning signs of a full-out frontal assault. With the Democrats now in control of the Congress, and the fact that the UIGEA was mainly a conservative pushed move, things could lighten up, but then again, it could be just the calm before the storm. |
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