About the UIGEA

[WileOut]

I just felt the need to make this thread to clear this up. It seems that in a few threads there are comments that make me think people aren't understanding it. I am not a lawyer and haven't read it, but I have read comments from lawyers who have read it.

The UIGEA does not cover books paying customers at all. So you will be able to continue getting paid as usual.

The UIGEA does cover deposits to books. This is something the books are going to have to deal with. I'm not sure how hard its going to be to come up with a solution, or if the books are going to have to come up with any solution. This legislation may not have any teeth at all or it may be very difficult to get money offshore. This is something that we will have to wait to find out.

The UIGEA could be overturned by Obama in a package deal because of a law called the Congressional Review Act of 1996. The White House messed up by not getting this through before November 1st according to this article.

http://www.politico.com/news/stories/1108/15530.html

[mtneer1212]

I just felt the need to make this thread to clear this up. It seems that in a few threads there are comments that make me think people aren't understanding it. I am not a lawyer and haven't read it, but I have read comments from lawyers who have read it.

The UIGEA does not cover books paying customers at all. So you will be able to continue getting paid as usual.

The UIGEA does cover deposits to books. This is something the books are going to have to deal with. I'm not sure how hard its going to be to come up with a solution, or if the books are going to have to come up with any solution. This legislation may not have any teeth at all or it may be very difficult to get money offshore. This is something that we will have to wait to find out.

The UIGEA could be overturned by Obama in a package deal because of a law called the Congressional Review Act of 1996. The White House messed up by not getting this through before November 1st according to this article.

http://www.politico.com/news/stories/1108/15530.html

While that may be the case, it certainly seems that getting money into the books is substantially easier than getting money out of some of them.......Deposits within hours, but withdrawals can take days, weeks, or in bodog's case, months. This is directly contradictory to your summary above.

[WileOut]

What you don't understand is that the UIGEA has not been enforced yet. They just now finalized the rules for it and financial institutions have until December 9th 2009 to comply. Anything that happened before now was unrelated to UIGEA. They have 60 days to review it and from that point on until December 9th, financial institutions will slowly be installing the UIGEA regulations. I assume each bank and financial instituion will do this at their own pace.

Up until now UIGEA was just a thought on paper, nothing that was actually enforced. Yes it passed as law in 2006 but the feds kept putting off on finalizing the regulations for it. So it was just sitting on the shelf you could say. Now they are taking it off the shelf and putting it into action.

Withdrawals were made harder because of Neteller going down on charges unrelated to the UIGEA, and then no other company stepped in for fear of the same type of charges being placed on them. I'm not sure what the Neteller owners were charged with but they were being investigated way before UIGEA was thought about.

Also banks started incorporating their own rules as far as what to do about internet gambling transactions, again this had nothing to do with UIGEA. Maybe they did it in expectation of the UIGEA finalizing, but not because they were required to make it hard. Now they will be required to make it hard to send money offshore. They will not be required to monitor incoming transactions to you although they could do that on their own.

[WileOut]

Let me make this clear. I am not an insider to the industry. I just have followed all of this closely ever since UIGEA became law in 2006. I enjoy internet gambling and will do whatever I can do to keep it going. However what I say is not the gospel and I could be wrong.

I'd like to get discussion going and hear what some guys think about what is going to happen now that the UIGEA may be put into action.

[donnyguru]

Here is what I feel is good info from I. Nelson Rose. Seems like good news from my seat on the rail:

http://www.compatiblepoker.com/final-uigea.cms.htm