Thought I'd share with everybody this Fabulous article from June 2008 issue of the libertarian Reason Magazine summarizing the UIGEA and its consequences.
It's long but well worth the read
It seems nothing has changed since the passage of the UIGEA except to make things more difficult for US accounts to deposit money into off-shore books, and US internet gamblers still have to hope that their payouts will be honored by the books as well.
It is unlikely the US Govt will overturn the UIGEA regardless of the law's unenforceability and the actual benefits of licensing regulating and taxing the off-shore books.
The good old days of instant e-deposits and payouts to/from my off shore internet sports and poker book through my checking account prior to the signing if the UIGEA are just a thing of the past and a distant memory....
Keep Hope alive that the UIGEA will be repealed/changed in maybe 5 or 10 years. The government is going to be extra thirsty for billions and billions of dollars once the baby boom generation retires and our roads/bridges start falling apart and more money is wasted in Iraq and more money is needed to pay for disabled veterans medical services and higher petroleum prices and inflation takes away American's income, etc, etc.
The government will have no choice but to fully legalize and tax the offshore sites as way to raise money for itself.
It's ironic, but the Repulicans and the Religious Right might ultimately bring about the full legalization of internet gambling by having pissed away so many billions of dollars on the unnecessary Iraq war and having recklessly run up a large budget deficit.
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Fabulous UIGEA Article
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