Poker Web Watch / Matthew Pitt / 19 October 2009 / Leave a comment

In just 43 days, on December 1 2009, all financial institutions in the United States of America will have to comply with the terms set out in the Unlawful Internet Gambling Enforcement Act or UIGEA as it is more commonly known.

The UIGEA essentially makes it illegal for banks and financial institutions in the USA to transfer funds to an online gambling site and is a major reason many poker sites only offer their services to non-American customers.

Back in May this year, Congressman Barney Frank introduced a bill coded HR2266, the Reasonable Prudence In Regulation Act, which is his attempt to move the date of full compliance back a year to December 1 2010. This bill has so far attracted 48 cosponsors, all of whom agree the US government should be able to find a way to tax and regulate online gambling by the newly proposed date, with reported revenues of around $60 billion being talked about.

Not helping Barney Frank's cause is the current precarious state of the US economy, which was damaged further in September with a 9.8% rise in unemployment. Add to this President Barrack Obama is trying to push forward the Health Care Reform and it is easy to see why the needs of poker players are being overlooked by Congress at this time.

When he released HR2266, Frank also submitted HR2267 or to give it its full title, the Internet Gambling Regulation, Consumer Protection and Enforcement Act which gives a complete breakdown of licensing and regulation framework for internet gambling. Hopefully, these two acts can be passed in time otherwise it could see the demise of online poker in America.