The Online Casinos Dependent on Banks
Friday, November 24th, 2006The American legislators, who are the main opponents of online casino industry, are going to use banks in order to block payments between US residents and online casino, which has caused that banks are now playing a lead role in this argument. The US senate is believed to cast the final decisions, but we’ve heard voices of discontent from about 5000 small banks. These banks, as the opponents of the legislation, are looking forward to challenge the action which is seen as the government’s trial of destroying the online casino industry. The banks are convinced that the enforcement of the law will be very difficult and maybe even impossible. They believe that the fact, that online casino customers pay through banks, should not be the bank’s problem. What is more, this problem is impossible to be solved by banks and trying to stop all transactions tied with the online casinos doesn’t have any sense. The main reason is the fact that many gamblers use the electronic transfers and these transfers aren’t coded to show what kind of business is on the end. To resolve this problem it would be necessary to make global and costly changes in banking systems. But the lawmakers have been thinking for years how to pus the online casino on offshore, in spite of the fact that they generated about $12 billion in revenue last year, with about half coming from Americans. The law will certainly require stricter regulations for banks, but there is a chance that the Federal Reserve and the Treasury will find another solution of this problem, which won’t be so burdensome for the bank industry.