Online Casino Transfer: News - Clarity Sought for Horse Racing

07/31/2010		Online Casino Style: News Clarity Sought for Horse Racing
Home History Games News Dictionary		The battle to legalize online gambling in the US continues through the summer in spite of hopes early in the year that by this time, the Unlawful Internet Gambling Enforcement Act would be effectively overturned. With the delays causing most internet casino experts to now think that 2010 might not be the year for change, at least a few of the lawmakers are taking the opportunity to try to gain some sort of perspective on the existing loopholes. Two members of the House of Representatives have launched a bill specifically designed to put some clarity on the matter, asking for a clear definition as to what is considered acceptable online pari-mutual horse race betting. As the UIGEA is still in effect, and more states work to try to build online gambling programs around the restrictions laid there within, clarity is key, especially to prevent over-blocking by members of the financial community. The most recent proposal to be placed before the House of Representatives is that of the Wire Clarification Act, numbered HR5599. It’s a bi-partisan bill being presented by New York Democrat Scott Murphy and Kentucky Republican Brett Guthrie. They have said that their inspiration for the bill was found in the occasions that the horse racing industry has found itself at odds with the US Department of Justice, fighting over loopholes and industry cut-outs. The problem lies in the way many credit card companies, banks and other financial institutions are complying with the rules laid out by the UIGEA. In order to comply, they have placed blanket blocks against all gambling transactions, not making room for pari-mutual horse racing, a market that is perfectly legal in many US states. The damage to the industry is significant, which then affects governments’ ability to collect taxes on the field. “Horseracing is at the heart of our local economy,” Congressman Murphy told reporters this week. “It brings much needed revenue and is responsible for thousands of local jobs. Now the rules are hampering an essential stream of revenue from flowing to the racing industry.” Should HR 5599 pass, the Wire Act restrictions would be adjusted to allow for the legal activities designated by the Horseracing Act.

07/31/2010

Online Casino Style: News
Clarity Sought for Horse Racing

The battle to legalize online gambling in the US continues through the summer in spite of hopes early in the year that by this time, the Unlawful Internet Gambling Enforcement Act would be effectively overturned. With the delays causing most internet casino experts to now think that 2010 might not be the year for change, at least a few of the lawmakers are taking the opportunity to try to gain some sort of perspective on the existing loopholes.

Two members of the House of Representatives have launched a bill specifically designed to put some clarity on the matter, asking for a clear definition as to what is considered acceptable online pari-mutual horse race betting. As the UIGEA is still in effect, and more states work to try to build online gambling programs around the restrictions laid there within, clarity is key, especially to prevent over-blocking by members of the financial community.

The most recent proposal to be placed before the House of Representatives is that of the Wire Clarification Act, numbered HR5599. It’s a bi-partisan bill being presented by New York Democrat Scott Murphy and Kentucky Republican Brett Guthrie. They have said that their inspiration for the bill was found in the occasions that the horse racing industry has found itself at odds with the US Department of Justice, fighting over loopholes and industry cut-outs.

The problem lies in the way many credit card companies, banks and other financial institutions are complying with the rules laid out by the UIGEA. In order to comply, they have placed blanket blocks against all gambling transactions, not making room for pari-mutual horse racing, a market that is perfectly legal in many US states. The damage to the industry is significant, which then affects governments’ ability to collect taxes on the field.

“Horseracing is at the heart of our local economy,” Congressman Murphy told reporters this week. “It brings much needed revenue and is responsible for thousands of local jobs. Now the rules are hampering an essential stream of revenue from flowing to the racing industry.” Should HR 5599 pass, the Wire Act restrictions would be adjusted to allow for the legal activities designated by the Horseracing Act.