The UIGEA Deadline Looms: Perspectives Weekly for May 28th, 2010

[APCW]

The UIGEA Deadline Looms: Perspectives Weekly for May 28th, 2010




There is less than a week until U.S. financial service companies must comply with the regulations of the Unlawful Internet Gambling Enforcement Act (UIGEA). Slated to take affect June 1st, 2010, what impact will they have on our industry?

[jschmuch]

Yeah, I just got a call from Netspend "one of the only card issuers I'm aware of that was still processing payments within the U.S." saying that there going to be complying with the UIGEA immediately. I've had a few cards with these people for the past 3-4 years and never heard anything from them until tonight.

[Professor]

Well today is D Day and oddly enough it doesn't feel any different than yesterday.

[APCW]

Yes D-day and we are all still here.

[casinogod]

Every thing seems the same as before, the world is still spinning etc

[dhayman]

As far as I['m concerned, D-day was 4 years ago, when this dreadful law was first passed overwhelmingly by Congress, as part of the Ports bill. The world changed forever on that day. Since then, we've seen little blips of change, here and there.

[rm4quads]

Not to be a downer, but I'm cautiously optmistic. Technically, the regulations weren't official until yesterday. This means that the USDOJ may now wait a few weeks to build cases against payment processors with violations after June 1st. I don't think we'll know the full effects for a month or so.

Regardless, though, there is a lot of money at stake and a lot of creative and intelligent people involved. There may be some hurdles, but I think the industry will adapt.

[Skinski]

As far as I['m concerned, D-day was 4 years ago, when this dreadful law was first passed overwhelmingly by Congress, as part of the Ports bill. The world changed forever on that day. Since then, we've seen little blips of change, here and there.

I have to agree. Nothings been the same on my end since October of 06.

[Professor]

As far as I['m concerned, D-day was 4 years ago, when this dreadful law was first passed overwhelmingly by Congress, as part of the Ports bill. The world changed forever on that day. Since then, we've seen little blips of change, here and there.

I agree. Other notable nails in the coffin were when Paypal dropped gaming processing and when Neteller dropped US clients. The additive effect all of these have had on the industry is tremendous.

But... Somehow... We always find a way to go on.