Was coming to post this. This does not seem good, and I do not agree with Frank's logic. If implementation has any further damage to the payment processors, it will be a disaster.
Any good threads on what will happen after the UIGEA is implemented? I don't even care if it's applied to deposits -- I have no issue beating Euros. I'm more concerned about withdrawals. The UIGEA doesn't address withdrawals, but for some (Moneybookers), that doesn't matter. I worry that withdrawals will be choked.
The more I think about it, this is bull****. Hopefully a hearing in May? Lets say we do have a hearing in May and we lose. That means June 1st UIGEA is law. Making it that much harder to over-turn...
Seems Barney Frank's hoping that banks will over-block all transactions related to gambling, and then the NTRA, lotteries, etc will go after Congress to get the UIGEA overturned.
^^^ I hope that Frank is more intelligent than that, as that seems overly optimistic. I work in the financial services industry, and I can attest that when Congress passes burdensome legislation, companies generally piss, bitch, moan, and then do as they are told.
They will do as they are told, but when that means that horse racing bettors can't use their cards anymore and lottery ticket sales get cut off you are going to have Congressmen with very pissed off constituents.
The more I think about it, this is bull****. Hopefully a hearing in May? Lets say we do have a hearing in May and we lose. That means June 1st UIGEA is law. Making it that much harder to over-turn...
Even if Frank does get the bill passed in his committee in May, it wouldn't be voted on by the full House before June 1st. UIGEA will be fully implemented long before the Frank bill ever becomes law. Also being an election year I highly doubt the House will be willing to pass the Frank bill before the election.
Last edited by novahunterpa; 03-17-2010 at 10:15 PM.
Reason: typo
Seems Barney Frank's hoping that banks will over-block all transactions related to gambling, and then the NTRA, lotteries, etc will go after Congress to get the UIGEA overturned.
I agree that this is the only way that Congress will change UIGEA or enact licensing regulation this year or the near future.
Excuse the basic questions. WOnt withdrawal checks from foreign processors continue as is? Haven't most if not all cc's been dead for gaming for some time now? Wouldnt WU and All-access cards be unaffected? Isnt echecks hit or miss? So what exactly is the biggest pain in the ass to come out of Uigea?
Excuse the basic questions. WOnt withdrawal checks from foreign processors continue as is? Haven't most if not all cc's been dead for gaming for some time now? Wouldnt WU and All-access cards be unaffected? Isnt echecks hit or miss? So what exactly is the biggest pain in the ass to come out of Uigea?
No one knows for sure. We won't know for sure until UIGEA goes into effect. It may hurt the games significantly. It may be nothing more than a paper tiger. To guess one way or the other at this point would be nothing but speculation.
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