PAPSA and UIGEA-- 2 very different laws

[AQuant]

Quick note for some of you who think this paves the way for the return of Pinnacle and Netteller.

PAPSA which was overturned today was a law that prohibited sports wagering. That is now dust.

UIGEA is the Unlawful Internet Gaming Enforcement Act of 2006. UIGEA in short has a few sections that go after the way money moves. Specificially section 5363, which covers money transfers and states that no person enganged in business of betting or wagering many knowingly accept any money transfers in any way from a person participating in internet gambling, inlcuding the use of credit cards, EFTs, and even paper checks. There are ways around this, but it is a giant pain in the ass for banks to maintain regulatory compliance, and it's what drove books out of the US Market, and closed up poker shops.

One law down, one to go.

 

[RenoChazz]

I dont think that one is going down anytime soon. Overturning PASPA really does nothing for offshore

 

[niltes]

I like the way the media reported that the UIGEA bill made offshore gambling illegal.
BULLSHIT!!! what it is exactly what A QUANT says, it made it illegal for any entity
or business to assist in the moving the money that facilitates the offshore or illegal
gambling businesses (even though the gambling businesses are perfectly legal in
the jurisdictions that license them). there are big penalties and fines for any businesses
that help move money. I seem to remember (correct if wrong) that the law
also punishes businesses that didn't know they were helping to move money for
illegal gambling, but should of known or could of known if they had fully investigated
this matter similar to the SARS (suspicious activity report) where the onus is on the
business to report anything that is unusual or suspicious even if it isn't.