For the online gambling industry and online bingo games operators alike it’s been a bad day at the office with news that US Congressman Barney Frank’s attempt to halt the implementation of UIGEA regulations has failed.

The delayed vote on Frank’s HR5767 bill failed due to a tied 32-32 vote before the Financial Services Committee.

The result is that US banks face having to become regulatory enforcers of UIGEA’s attempt to restrict financial transactions between US gamblers and non-US online gaming companies. UIGEA has been criticized as both unworkable and a drain on US banks’ resources at a time when US banks are under severe pressure due to the current credit crunch.

Online bingo industry observers had hope HR5767 would be successful and possibly lead towards a re-opening of the US gambling market to non-US online bingo halls. The failure of the bill to pass has dealt a blow to such hopes, though bingo online operators have successfully explored other markets since the inception of UIGEA in late 2006.

Tags: bingo online operators, online bingo games, Online Bingo News, online gambling, Uigea

This entry was posted on Friday, June 27th, 2008 at 9:46 am and is filed under Online Bingo News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.