Wednesday, 14 July 2010

Bank Of America Online : Glitch Scares Gamblers Again

The Unlawful Internet Gambling Enforcement Act went into effect in the US back on June 1st. Since that date, online gamblers have had two scares, neither of which, however, turned out to be because of the new law.

The Bank of America online glitch that occurred on Wednesday had online gamblers again thinking that their accounts may have been frozen because of the new online gambling laws in the US. That was not the case as Bank of America quickly corrected the glitch and customers were once again able to access their accounts.

"I went on to their(Bank of America) website today to check my balance, and I was having problems accessing the information," said one customer who wished to remain anonymous. "I immediately thought it had something to do with my online poker account, but later in the day I was assured it was just a glitch."

The financial institutions in the US have seen a heavy burden been placed on their shoulders with the UIGEA. The law places the burden of stopping online gambling transactions on banks, even though some of the biggest financial institutions in the country warned the government that it would be nearly impossible to complete the task.

Representative Barney Frank is expected to begin the markup process on legislation that would overturn the UIGEA and set up a regulated Internet gambling system in the US. Rep. Frank already has almost seventy co-sponsors for his bill, and more are expected as the legislation hits the debate stage.

Republican lawmakers have generally been against any online gambling regulations, but the pressure of the upcoming election cycle may force some Republicans to change their stance. Legislators in heavily Democratic populated areas could vote in favor of the law change to keep their strong ties to the people they represent.

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