“Regulations under America’s Unlawful Internet Gambling Enforcement Act (UIGEA) are nearly two weeks overdue, but their effects are already being felt on Antigua and Barbuda’s online gambling industry.
The UIEGA, which was passed last year, made it illegal for banks and other financial institutions, like credit card companies, to process and transmit payments for transactions with online gaming companies.
The US legislation seeks to effectively prohibit gamblers from using credit cards, cheques and electronic transfers to settle online wagers.
With the majority of online gamblers at the time based in America, the fallout from the passage of the Act has dramatically reduced the value of what was, at its peak, estimated to be a US$12 billion industry.”
Antigua Sun (07/23/07)
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