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Four years after Congress passed the measure and former President George W. Bush signed it, the Unlawful Internet Gambling Enforcement Act (UIGEA) became the federal law on June 1.
The law forbids American banks from transferring funds to unlicensed online casinos in the U.S. and that operate through offshore servers. However, operators of many popular online gambling sites do not expect any adverse effects. They claim consumers can easily use their U.S. bank debit cards to deposit funds to “front” companies to avoid banking restrictions while gambling on offshore Internet casinos.
Within Congress, Representative Barney Frank (D-MA), who chairs the House Financial Services Committee, will hold additional hearings in July to further his bill HR 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act. This legislation would legalize Internet gambling.
