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When the Unlawful Internet Gambling Enforcement Act was put in place back in 2006, financial institutions almost immediately cried foul. Representatives of the financial institutions spoke to members of Congress, telling these lawmakers that it would be nearly impossible to block the online gambling transactions.
Now, legislators are working on a law that may help the banks prove their point. Lawmakers are in the process of creating a law that would call for the tracking of all International money transfers. This is the preferred method of Internet gamblers.
While online poker players are freaking out over the possibility that this could end their run at their favorite online poker rooms, the opposite may end up being the end result. By tracking the transactions, the banks will finally be able to prove their assertion that it is difficult to decipher which transactions are from online gaming companies.
Most Internet gambling sites use third party processors for their monetary transactions. These processors have altered the coding that is detected by the bank. Instead of saying the transactions are for Internet gambling, different businesses will be listed in the code.
Read entire article here.
Now, legislators are working on a law that may help the banks prove their point. Lawmakers are in the process of creating a law that would call for the tracking of all International money transfers. This is the preferred method of Internet gamblers.
While online poker players are freaking out over the possibility that this could end their run at their favorite online poker rooms, the opposite may end up being the end result. By tracking the transactions, the banks will finally be able to prove their assertion that it is difficult to decipher which transactions are from online gaming companies.
Most Internet gambling sites use third party processors for their monetary transactions. These processors have altered the coding that is detected by the bank. Instead of saying the transactions are for Internet gambling, different businesses will be listed in the code.
Read entire article here.