Most all online casinos offer players a choice in gaming currency when it comes to depositing funds into their online account. In many cases, players may prefer to utilize the deposit currency that is issued by their own country. Some casino players will elect to utilize U.S. currency in their casino account, while others will utilize other countries’ currency. Most online casinosTEACH their players how to utilize their own currency when depositing funds into their gaming accounts, and this practice is recommended when depositing outside the USA.
Selecting game currency
The choice in gaming currency can be seen as a benefit rather than a disadvantage when the depositing player is from a nation that is known to be anti-gambling, and banks and credit card companies often request the player’s home country to verify the name and address associated with the account. At times, when an individual is depositing funds to an internet gambling site from a location that is known to be anti-gambling, bank transfer fees can be forced upon the depositing player, or credit card companies can be made to reluctant to honor such a request.
The act was meant to stop certain electronic transactions (ETFs)
The madness spreading across the intent of deposits to online gambling websites across the United States is known as the UIGEA or the Unlawful Internet Gambling Enforcement Act, and was signed into law in 2006 by then-president George W. Bush. The act was meant to stop certain electronic transactions (ETFs) surrounding online gambling while encouraging U.S. banking institutions to cooperate with banking institutions in the country of origin to prevent money laundering and Proceed illicit enabling laws.
The UIGEA came into effect in September of 2006, well before the financial institutions had fully implemented the UIGEA, and many gaming enthusiasts taking part in online gambling were nonetheless deterred from making deposits to gaming websites when the legislation was passed. At this time a number of gaming websites began to post messages on their websites saying that they would refuse to take new deposits from U.S. financial institutions, and many of these sites have since gone out of business.
Pretext for UIGEA
- The UIGEA was a direct response to the implementation of U.S. law against internet gambling, which had been loosely enforced for years.
- The purpose of the UIGEA was in fact to fight crime and terrorists by stopping the transfer of funds from the U.S. banking system to prohibited gambling sites. In reality, however, the bill had a broad impact of severely prohibiting the operation of U.S. poker rooms and casino websites that accept U.S. players.
Reasons for UIGEA
Some shareholders of gambling websites were beaten with the news that the UIGEA would drastically reduce the number of places that they could allow their shareholders to gamble their funds. U.S. based shareholders were promised that they would not be allowed to gamble their funds with any online casinos that decided to cater to the American market.
UIGEA was a continuation of America’s Heywoode decision, which had been stayed by the U.S. Supreme Court in June, 2004, three months before the implementation of the UIGEA. Woodrowe effectively blocked the U.S. banking system from being used to finance online gambling and hurt Google, which was blocked from using the American banking system to access the European market.
Two lawsuits were filed in June, 2006 against the UIGEA, one by Edward O. Kemmmerling of theactic solicitudino am otherwise known as the King of PATENTS – an online gambling firm that had taken the controversial decision to sell its financial services business to British customers.
- The other case involved the Mossack Fonseca lawfirm and was stayed by the New York State court on October 15, 2006.
- The stayed stay was stayed in April 2007, when the UIGEA was signed into law by President George W. Bush.
- Once the UIGEA was in place, it took the operational momentum out of online gambling, so much so that for all intents and purposes, it made online gambling virtually impossible in the United States.
proceding without an online gambling law or regulation, puts the ownership of the business in the hands of a third party [ushesakes: casino owners in Costa Rica and Nevada, not to mention other private firms such as the ones run by Morrison Travel and WinTrillionsThe law is far from silent, having taken the depositing end of the business into the private sector, which read a recent Wall Street Journal article about how 12 major casinos had become essentiallyijicering casinos, by electronically transferring money to accounts electronic as REDCard, credit cards, and bank wire transfers, in an apparently illegal action that has many believing the UIGEA is here to stay.
Unless the UIGEA is specifically and clearly blocked by statute, then online casinosClery and Foxy can both legally operate in the United States of America.