Poker Industry Reacts to UIGEA Regulations Delay
Twenty-four hours after it was revealed that mandatory financial services industry compliance with the regulations of the Unlawful Internet Gambling Enforcement Act (UIGEA) would be delayed by six months, the poker industry has had a chance to react.
The Poker Players Alliance (PPA) was one of several organizations that successfully petitioned U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke to push back conformity with UIGEA rules until June 1st, 2010. The 1.2 million member strong lobbying organization’s Chairman, Alfonse D’Amato, commented in a press release distributed on Friday, “We are thankful to our co-petitioners, the National Thoroughbred Racing Association and the American Greyhound Track Operators Association, and for the dozens of members of Congress who voiced their support for this petition through letters to Secretary Geithner and Chairman Bernanke. The PPA looks forward to working with regulators and legislators to pass legislation that protects consumers and the great game of poker.” News of the extension originally broke on Wednesday.
The two horse racing outfits co-authored a letter with the PPA to Geithner and Bernanke outlining the potential for overblocking by financial institutions, which could have led to legal online wagers being denied by companies like Visa and MasterCard. According to the PPA, the possibility of an extension beyond the current six-month time frame exists. Ideally, Congress would formulate proper internet gambling legislation in the near future.
To that end, Safe and Secure Internet Gambling Initiative (SSIGI) spokesperson Michael Waxman commented, “This decision is the latest evidence that momentum is building for a shift in policy and a rewrite of U.S. internet gambling laws to provide for regulation and taxation instead of prohibition. Over the next six months, Congress should act to create a framework that regulates internet gambling to protect consumers and collect billions in much-needed revenue for critical federal and state government programs.”
Congressman Barney Frank (D-MA), whose House Financial Services Committee will host a hearing on two internet gambling bills next Thursday, gave his two cents on the UIGEA compliance date being postponed: “The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush administration which would curtail the freedom of Americans to use the internet as they choose and which would pose unrealistic burdens on the entire financial community. This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law.”
On the PocketFives.com online poker forum, Rich “TheEngineer” Muny, who serves as the Kentucky State Director for the PPA, broke the news early on Black Friday. While many online poker players were out hunting for deep holiday discounts, PocketFives.com member “mordan” was on the message boards candidly responding, “Everyone in the poker community just won a 30/70 with this development. Although this doesn’t guarantee regulation in the future, our odds have significantly increased with the U.S. Treasury recognizing problems with this bill.”
The future of the legality of games like online poker remains up in the air. In the PPA forum on TwoPlusTwo, poster “Distajo” questioned, “Was the delay granted more for the clarity of the UIGEA rules? Thus, being more beneficial for banks? Like don’t fund poker accounts, but allow horseracing wagers?” Past attempts to clarify the UIGEA have mandated that “laundry lists” of legal activities be created. If a bill like Frank’s HR 2267 is passed, the entire industry seems likely to be legalized and regulated in the United States.
Stay tuned to Poker News Daily for the latest UIGEA headlines.
Related Poker News:
- Praise for US Suspension of UIGEA
- House Hearing Examines Burdensome UIGEA Regulations
- Poker Regulations Up This Week
- UIGEA Implementation Rules Published
- Internet Gambling Expert Reacts to UIGEA Regulations Delay
- UIGEA Update: Proposed Regulations Rile American Banking Association
- Four Republican Congressman call for UIGEA ‘Unlawful Internet Gambling’ Clarification
- UIGEA Regulations Won’t Change Online Poker Industry
- UIGEA Pummels Poker
- Opinion: Is Another UIGEA Really the Answer for Canadian Horseracing?
- The PokerNews Interview: PPA Executive Director John Pappas, Part 2
- Online Poker Industry Nearing December 1st UIGEA Compliance Deadline
Poker jargon:
- GUT SHOT - A draw to an inside straight, as in 2-3-4-6.
- BET FOR VALUE - Betting a hand that, in the long run, is expected to win more than it loses. Antonym: BLUFF.
- CUT - To break the deck into 2 stacks of at least 5 cards each. Usually performed by the player to the dealer's right to insure that the the deck is not stacked.
- RIVER - The last card dealt in a hand of stud or Hold'em.
- ALL-IN - To have all of one's chips in the pot. A player who is all-in cannot be forced out of the pot by more betting, but is only eligible to win that portion of the pot he has contributed to. Generally, a SIDE POT is created each time a player is all-in.
- FLAT CALL - To call a bet. Emphasizes that the caller did not raise.
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