Credit Card Companies Want Internet Gambling in USA

Published Saturday, January 08, 2011 -

Money makes money and with money processors the size of Mastercard and Visa that means a ton of money.
MasterCard and Visa have complied with the regulations set out by the Unlawful Internet Gambling Enforcement Act in the USA that went into full enforcement mode in 2010 but that does not mean these companies are happy campers.
The UIGEA has put the onus on the money processing companies and the banks to police the activities of online gamblers in the States making it increasing difficult for players to deposit and collect funds associated with internet betting. This has created a situation in America where commissions on billions of dollars are not being gleaned by the banks or money processors much to the dismay of these financial institutions.
MasterCard allocated $840,000 for lobbying the federal government of America in the third quarter of 2010 mostly for a policy change when it comes to the prohibition on online gambling. 
MasterCard spent twenty-four percent more than in the third quarter of 2009 on it’s efforts to change the law to favour regulating the industry.
The conservative right wing anti gambling group the Republicans have once again gained control of the House of Representatives in the USA and it looks very unlikely that any overturning of the current state of affairs will come about. 
Senator Harry Reid, the representative from the gambling state of Nevada, pushed a bill that would have regulated online poker federally at the end of 2010 with a less than positive result. The originators of the UIGEA have dug in their collective heals and look determined to scuttle any efforts to make even online poker legal.
Mastercard and Visa would benefit from any changes in the law and so would players who would have a safe and secure method of processing their funds.
Some light at the end of the legal and financial tunnel may lie in individual state governments such as California and New Jersey which are considering legalized online poker within state boundaries.

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