Quote:
Originally Posted by The4thFilm
Can someone send the pdf to a law blog somewhere and have them analyze it? Seems like the blind leading the blind in NVG.
I don't know if this helps but I'm a graduating 3L at NYU Law who is writing a paper on this topic - I've read through most of the threads, just haven't felt the need to post because MasterLJ is showing you the most important stuff.
UIGEA has never claimed to change any of the substantive law regarding gambling - it piggybacks off existing state and federal law to determine what is improper (with regards to bets and wagers). The troubling part of the new regulations, as MasterLJ points out in another thread, is that the regulators are wavering on what exactly the legal standard is: MOST of the state law requires the outcome to be predominately subject to chance for it to count as "gambling" (which is where the "game of skill" exception that FTP and Stars are invoking) comes into play. UIGEA, according to the text of the statute, should not be changing this. But the new regulations have a section which imply that a prohibited transaction would include games "subject to chance" without the predominant requirement. This would be a drastic departure from the text of the UIGEA and the typical federal approach to gambling.
If there is no change to the substantive law, then the only real impact is the chilling effect that it's had on sites who were unwilling to stick it out in the US market due to the legal uncertainty and banks who didn't want to run afoul of the legislation, but most of that probably happened when the legislation was initially passed.