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And the U.S. mainstream media continues to mobilize against the harsh anti-online gambling laws in this, the world’s biggest Internet casino market. Recently, the L.A. Times, in supporting Barney Frank’s iGaming regulatory bill, stated that the current iGaming laws “just aren’t working”. Read about it here.
The UIGEA is not working.. because they can’t and don’t want to make it work… there is so much billions involved in this, that it is difficult for a merchant to draw from a business like online gambling… they will lose considerably revenue if the UIGEA is implemented as it should.
Not only will merchants lose out (and you are absolutely correct about that !), but to truly implement UIGEA (as it was intended to be implemented) would require the banking system to put considerable resources into it. These resources, would need to be subsidized by the banking industry, with ZERO revenue payback. Hence, there is really no incentive for anyone to see UIGEA implemented correctly. You can bet that most of the banking industry is just waving its hands, to make it appear that it is doing something. Unfortunately, the Credit Card industry actually has implemented some of this stuff, and it is surely reducing their revenues, and they cannot be happy about this.
E few merchants like NetSpend indicated to their customers that, they aren’t able any more to participate into gambling activities with their pre-paid cards. I’m pretty sure, that this company is losing money with this decision…
Not sure if someone using netspend can indicate if they are having troubles funding their gaming account with their netspend card.
