Newsweek says UIGEA to have no effect
Posted by Carl Barnett on 21 Jan 2010 at 15:01
US-based Magazine Newsweek has made a clear stance on the issue of whether or not online casinos will be here to stay, or vanish without trace.
In Washington, debate is raging over the UIGEA bill, which will, ostensibly, make online gambling extinct.
The aim of the UIGEA is to allow monitoring and management of payments, and therefore bring some kind of order and regulation to the world of online gambling.
However, Newsweek thinks that this will mean nothing to the online gambling industry.
The ban is due to start on December 1^st , but congressmen are lobbying to either delay it or to push it through quicker.
In other words, it is a divisive issue.
Newsweek is of the opinion that any ban will only change the payment structure for online casinos.
They say that five in every 100 Americans play online casino games, with an annual combined betting amount of $100 billion.
Regulation of online casinos could bring in as much as $42 billion in tax dollars over a decade.