U.S Law Pushes Online Gambling Underground

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U.S Law Pushes Online Gambling Underground

The anti-Internet gambling bill was passed into law on the 13th of October, 2006. The Unlawful Internet Gambling Enforcement Act was enforced with an intention to halt the flow of the roughly $6 billion that funds into the foreign inline casinos from the US players. The law has banned the credit card companies and other financial institutions fro processing illegal wagers.

Two sites, PokerStars.com and FullTiltPoker.com saw the record number of players since the law has been passed. Both the sites are licensed by the Canadian Mohawk territory of Kahnawake.

The gamblers, betting companies and industry analysts hold that the law would not be able to be much successful in its aim. The law will be successful in bringing down the publicly traded companies and give way for the private gambling companies and banks in nations where such industries are loosely policed at best. This makes the possibility for most of the funds to reach criminal hands. The chances of the arising of unscrupulous companies coming from unregulated places are more.

The publicly trading companies like PartyGaming, 888Holdings and SportingBet which had the most financial transparency and had traded on the London Stock Market has made their way out of the U.S market.

The private online casinos are arguing that the law does not apply to them and they will not be enforcing the law and will not be barring U.S customers.