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We have released the first analysis on the new regulations for the UIGEA. They were released this morning. The document/regulations are 52 pages long and are as ‘weak and confused’ as the law. There is a ton of interesting information and analysis.
Here is our first take on the regs…
The regulations require all banking systems to stop unlawful Internet gambling transactions, but state clearly that it is very difficult to figure out what is deemed unlawful as the UIGEA does not make anything illegal that was not already illegal under federal and/or state law.
“That is not to say, however, that affiliates are without any risk—for the reasons stated earlier. The most important thing that an affiliate or portal can and should do—without regard to the UIGEA—is to exercise thorough due diligence about the companies with which it does business. “
– Ed Leyler, President iMEGARegarding the post above I would go on to say that it does seem the burden is placed on banking institutions. It is going to be our job to work with and evaluate banking methods for our affiliate programs we chose to promote and help guided players to the best and easiest to use deposit methods.
More from Ed’s interview is at PAP Here.My impression of the proposed regulations is that they are very light and delicate, and quite frankly, just begging to be overturned by the Barney Frank bill.
The wording of many sections almost seems to indicate that they have acknowledged they are fighting a losing battle.
:rockband:
