WASHINGTON DC - As Reported by Sportsmemo.com: "The first decade of the 21st century has seen some dramatic shifts in the sports betting marketplace. In the first few years, the offshore betting
The Senate is reviewing a bill that would legalize some forms of Internet gambling. industry was in its “Wild West” phase, with sportsbooks rising to prominence, then falling just as rapidly. Many bettors were hurt during a string of highly publicized sportsbook collapses, like Aces Gold and Millennium. Meanwhile, the books continued to aggressively advertise to the US clientele, drawing the ire of federal regulatory agencies.
As the Bush justice department began to shift their focus towards the offshore betting world, the federal government got involved on several levels. Offshore advertising was banned from the airwaves. Sportsbook directors were arrested the day they set foot on US soil. The draconian Unlawful Internet Gambling Enforcement Act (UIGEA) was attached as a rider to a “must pass” Port Security bill by Senate Majority Leader Bill Frist after midnight on the final day of the 2006 congressional session.
The passage of that act ushered in a very difficult period for bettors from the USA. Big players like Party Poker and Pinnacle decided to abandon the US market entirely. The biggest issue involved getting money in and out of the offshore books, with banking entities now responsible for policing their own clients. PayPal had already banned gambling transactions and their primary replacement, Neteller, left the US marketplace as well..."
"In the past few weeks, we’ve seen two major steps towards an expansion of legalized, regulated gambling – including sports betting -- here in the USA. In Washington DC, Congressman Barney Frank (D-Mass) has introduced legislation to repeal the UIGEA, specifically carving out a place for poker players in the online gaming world, while making it much easier to send deposits and collect withdrawals from offshore..."
"Frank’s legislation is a long way from passing in Congress and being signed into law. But despite his lack of enthusiasm for sports betting, the end result from a repeal of the UIGEA will be of enormous benefit to offshore sports bettors, creating a much easier system for the free flow of money to and from the sportsbooks. Any bill that works for the benefit of gamblers in general is certain to help sports bettors, which is why Frank’s bill offers a rare real chance at genuine reform from the federal level..."
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