UIGEA regulations are out: "Whew"

Adanthar · 11-12-2008, 09:12 PM

The final regulations are 66 pages long and there's no way I'm immediately reading them when other people can do it for me (I'll do it later), but the gist appears to be this:

-Withdrawals are not blocked in any way (THANK YOU BABY JEBUS)

-Electronic deposits (including echecks) are blocked via a continually updated blacklist ...

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11-13-2008, 09:33 AM

Man, thanks for another measured response to this.

So irritating watching everyone panic when they haven't bothered to read any of it.

11-13-2008, 08:23 PM

Adanthar, I think you are oversimplifying the regulations. It's not that difficult for a bank to develop its own policies. It would be simply a policy that will be passed down by DOJ.

FBI/DOJ people can deposit on a gaming site, and can quickly figure out the money trail. Then, pass that on to various banks. The enforcement can be done almost instantly with modern financial transactions. It's just a code in ACH.

Regarding deposits, there will always be a way to deposit for the initiated. But, Joe the weekend gambler, may not be interested in sending paper deposits to some offshore site.

Compliance deadline is December. It's not like banks are going to sit idle till then. They will be working to implementing them as soon as possible. Perhaps, with some reasonable testing as well. Overturning these regulations or the law itself before then is near impossible.

I know you don't want to hear it, but there is a reason for the panic.

11-18-2008, 04:42 PM

Why would you need to deposit anyways? If you can't win in online poker, you might as well not play. It's to easy.

11-12-2008, 09:12 PM	#1 (permalink)
Adanthar Member Join Date: Apr 2007 Posts: 71	UIGEA regulations are out: "Whew" The final regulations are 66 pages long and there's no way I'm immediately reading them when other people can do it for me (I'll do it later), but the gist appears to be this: -Withdrawals are not blocked in any way (THANK YOU BABY JEBUS) -Electronic deposits (including echecks) are blocked via a continually updated blacklist ... Read Full Post

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11-13-2008, 09:33 AM	#2 (permalink)
jalexand42 Guest Posts: n/a	Man, thanks for another measured response to this. So irritating watching everyone panic when they haven't bothered to read any of it.

11-13-2008, 08:23 PM	#3 (permalink)
linuxrocks Guest Posts: n/a	Adanthar, I think you are oversimplifying the regulations. It's not that difficult for a bank to develop its own policies. It would be simply a policy that will be passed down by DOJ. FBI/DOJ people can deposit on a gaming site, and can quickly figure out the money trail. Then, pass that on to various banks. The enforcement can be done almost instantly with modern financial transactions. It's just a code in ACH. Regarding deposits, there will always be a way to deposit for the initiated. But, Joe the weekend gambler, may not be interested in sending paper deposits to some offshore site. Compliance deadline is December. It's not like banks are going to sit idle till then. They will be working to implementing them as soon as possible. Perhaps, with some reasonable testing as well. Overturning these regulations or the law itself before then is near impossible. I know you don't want to hear it, but there is a reason for the panic.

11-18-2008, 04:42 PM	#4 (permalink)
Anonymous Guest Posts: n/a	Why would you need to deposit anyways? If you can't win in online poker, you might as well not play. It's to easy.