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Letter From the Professor - June 28, 2007
The clock is ticking…
On October 13 th 2006 President Bush signed into law the Safe Port Act. The bill’s original premise was to provide for additional security at US ports and to bolster the homeland security efforts adopted after 9/11. This bill would obviously enjoy popular support and as such it was used as a vehicle to sneak through a piece of legislation that was NOT widely supported by US constituents; the Unlawful Internet Gambling and Enforcement Act (UIGEA).
After the original Safe Port Act had been voted on and approved by both the Congress and Senate, Bill Frist, Senate Majority Leader at the time, tacked on UIGEA and presented it to the President for his signature. His signing of the bill into law started a time clock ticking that our industry has been watching intently.
Included within the act is a requirement that new banking regulations be defined within 270 days from commencement. These regulations would prohibit the funding of “Internet Gambling” by players within the United States by Banks and financial institutions.
A quick check of the calendar shows the deadline being reached on approximately July 10 th. What will happen on that day? There is plenty of speculation, but no one knows for sure. A possible and likely scenario is that an extension will be sought to allow for more time to define these new regulations. Alternately we may see the banking sector file an injunction or appeal challenging the new law and staying execution until that is sorted out by the courts.
Like everyone else I am watching the clock and waiting to see what unfolds. What do you think we can expect? Let’s discuss it here.
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So, what would you do differently when you started if you had the ability to send yourself a letter into the past?
Obvious ones I think of
-Start Early, like 1990
-Pick a much better domain name to start with that has some SEO value
-Tell the professor there's no future in online gaming and take his job
| || Nick Yapp , CasinoCoins. |
Having been a part of the Casino Coins team for a year and managing the program for the past 6 months, I have been able to experience all the exciting changes both with the program and the industry. Being one of the few programs left in the US market, it has allowed me to establish new partnerships and create exciting opportunities for the affiliates I work with.
I’m looking forward to the second half of 2007 - if you want to do business, you know where to find me!
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