The Unlawful Internet Gambling Enforcement “ACT”
Posted on February 22, 2010 by Shay Greenberg for Luckyroom.com
It is a double entry question of who is greedier and most addicted? Is it the U.S Government or the Players in the U.S that are more problematic; earlier this week Deloitte announced a study revealing that the betting industry in the UK generates £ 6 billion in the UK annually which in reality is 0.5% of the total GDP; a figure calculated only from gaming and hbetting establishments operating in the UK taking out major industry players which are licensed and taxed elsewhere in the EU; additionally Deloitte’s research showed a total of 100,000 direct and non direct employment positions from the gaming and betting industry which add up to a total of 0.3% of the total workforce of Britain.
Additionally the study presented a total of £700 million paid in taxes by online gaming operators; what this means? Well lets put it this way; the UK has a population of 61 million and the US has a population of 304 million so on a very rough calculation; the U.S government at this current point is missing out on a total of $5.5 billion in tax contribution just because it decided to become the online gaming regulator which would make the difference in giving a great opportunity to underground processing companies to offer their services to opportunists located on and a number of islands which are quite difficult to find on the map.
Since its implementation the UIGEA (Unlawful Internet Gambling Enforcement ACT) has done nothing but harm the overall spirit and health of online gaming as the only accomplishment the great “Act” president Bush has introduced is managing to kick out regulated companies offering state of the art gaming and substitute them with a number of outfits located on jurisdictions which look more like inflatable’s in the ocean which at this stage are running underground businesses which welcome US players on board with absolutely no guarantees of their funds and no payout guarantees what so ever. So yes hurray, they managed to stop online gaming and they also managed to give birth to underground money laundry. So how’s that for the land of opportunity.
The total regulation is proving to be a joke and nothing but that and that’s just why we can only applaud PokerStars which has had the guts to stand up to the “ACT” with a clear policy which in reality can be interpreted to be saying; were not leaving the US market because it don’t make sense to us. Were running a fair business so come and get us if you can.
The whole ACT is got dirty all over it and it’s a gift to players that card rooms like PokerStars or later launched Full Tilt Poker are still operating business in the US despite the introduction of the Bush ACT; therefore offering players a way out from all the dirt operated around the carribbean putting the total reputation of a multi billion industry in stake.
Maybe they don’t read the news , maybe they fail to understand how it all works; but if they did have the dignity to look in to the issue putting aside personal interests they might have realized that the only thing they have accomplished is to create a monster of illegal gaming and illegal processing which will be a major backfire to the economy in the long run with billions of dollars been wired every year overseas to outfits that want to call themselves online gaming operations;
The flip of the coin? PokerStars has established itself as the largest online poker room of the world and Full Tilt Poker as the second; so what’s the chance they will return to be licensed and taxed in the US if the whole ACT gets amended? NONE; Good Thinking!
Supported by the #1 directory for bingo online, free bingo, live bingo and no deposit bingo games.
- City bingo has more free bingo
- Win Winter Sun With Sky Bingo
- The newest Beckham inspires a new bingo call!
- Mobile Apps may help bingo grow even larger!
- Diva Bingo Diamond Shop Open until October 30.
If you wish to try something alternative to gaming you may want to experience forex trading. Opportunities for non maturing forex demo accounts are available with the Metatrader trading terminal. You will have the opportunity to trade online from Sunday evening till Friday evening 24 hours a day.