UIGEA Regulations Officially Delayed Six Months
Online poker players in the United States have a lot to be thankful for this holiday season. On Friday, CNBC and the Associated Press confirmed that U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke had granted requests to delay the mandatory compliance date of the regulations of the Unlawful Internet Gambling Enforcement Act (UIGEA) by six months to June 1st, 2010.
Word of a potential delay first broke on Wednesday from Interactive Media Entertainment and Gaming Association (iMEGA) Executive Director Joe Brennan. However, no official comment had been handed down from Geithner, Bernanke, the Poker Players Alliance (PPA), or the office of Congressman Barney Frank (D-MA). Around 12:15pm ET on Thursday, cable station CNBC ran a segment touting the successful six-month delay. An Associated Press article hit cyberspace 15 minutes earlier.
The six-month delay will take the internet gambling industry to June 1st, 2010. In the interim, the theory goes that sensible legislation governing the industry in the United States will be passed. Frank introduced HR 2267 back in May. The bill, which has attracted 63 co-sponsors, establishes a full licensing and regulatory framework for online gaming outfits to solicit U.S. customers.
An Associated Press article sourced both the Treasury and Federal Reserve as saying that the UIGEA’s regulations would indeed be pushed off until mid-2010. The news service explained, “The rules seek to curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling.” Since the UIGEA was approved in 2006, a Third Circuit Court of Appeals ruling stated that the legality of internet gambling may depend on state law, similar to the way that the brick-and-mortar version is governed.
Next Thursday, December 3rd, the House Financial Services Committee will hold a hearing discussing the merits of HR 2266 and HR 2267. The former bill delays mandatory industry compliance with the UIGEA by one year to December 1st, 2010. Its relevance given Friday’s confirmation that the regulations would be pushed back six months is up in the air. The hearing kicks off at 10:00am ET in Room 2128 of the Rayburn House Office Building. Witnesses for the informational hearing have not yet been announced and the proceedings can be followed via a live webcast accessible from the Committee’s website.
Potential overblocking by credit card companies like Visa and MasterCard led the PPA, two horse racing organizations, and members of Kentucky’s Congressional delegation to petition Geithner and Bernanke, urging that the regulations of the UIGEA be shuttled back to December 1st of next year. PPA Executive Director John Pappas told Poker News Daily 10 days ago, “Many believe what you’ll see is overblocking of legitimate transactions. It’s not a good thing for players. It won’t just affect poker; it’ll affect horse racing, lotteries, and other online entities.”
Around 1:00pm ET, the PPA confirmed the news. The organization’s Chairman, Alfonse D’Amato, commented in a press release, “The PPA is extremely pleased with the decision by the Federal Reserve and Treasury to grant the six month extension. This is a great victory for poker, but an even greater victory for advocates of good and fair public policy.”
Stay tuned to Poker News Daily for the latest news and events from Capitol Hill.
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Poker dictionary:
- NO-LIMIT POKER - A game where there is no maximum bet; a player can wager any amount (perhaps above some minimum) up to whatever money is on the table in front of him.
- COMPUTER HAND - Texas Hold'em hole cards of Q-7 offsuit. More generically, any hand that computer analysis/simulation determines is positive but turns out to be difficult to play in practice.
- MITES AND LICE - A hand consisting of two pair, threes over twos.
- FLOORMAN - The casino representative in charge of the card room or a section of a card room. Arbitrates disputes when unusual events happen.
- TRIP - Three of a specific kind, as in "Trip sixes".
- OVER - A term used in describing two pair or a full house. "Kings over tens" means two pair, kings and tens. "Jacks over", also "Jacks up" describes a hand that is two pair: Jacks with an unspecified lower pair. Also used to describe a full house, distinguishing the three of a kind from the pair. The hand J-J-J-A-A could be described as "Full house, Jacks over Aces".
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