Posts Tagged ‘online gambling banking’

Unlawful Internet Gambling Act has affected low stakes players

The Unlawful Internet Gambling Enforcement Act (UIGEA) came into effect on June 1st, 2010. The legislation requires all financial insitutions to not process transactions with online gambling companies, hence it impedes players from depositting at their favorite online gambling sites. It is important to notice that the UIGEA does not make online gambling illegal, but it only makes it illegal to deposit and withdraw from the sites.

The first effect of the UIGEA implementation has been a significant raise in the minimum deposit requirement at online gambling sites. Some online gambling sites have almost doubled their minimum deposit requirement and some say it is because the cost of processing transactions through credit cards has gone up, but this is debatable.

The bad news is that this new measure has affected the low stakes players who like putting small amounts of money into online gambling sites and have fun without risking a lot of money. The numbers will probably go down at online casinos as there are a lot of players who concentrate on the low stakes.

The word around the internet forums is that the UIGEA has only been successful in preventing online gambling from being taxed and regulated as a legal activity in the United States. A lot of online gamblers do not think this new measure will prevent everyone from playing casino games online and will definitely not help people who suffer of online gambling addiction.

Personally, I think it is true. Players continue to be successful in depositting into online casinos and poker sites but they often get the feeling that they are doing something wrong. I want to make it clear that online gambling is not an illegal activity and the way in which the US Federal Government is trying to tackle the problem gambler issue is proving to be unsuccessful.

blog: thevirtualcasino.com