Gibraltar-based Party Gaming has had its sights set on entering the US market for some time and in recent months has stepped up its campaign to be allowed to offer services to many potential customers throughout the country. Entering into what is considered the world’s leading online gambling market could be a major advantage to the company, helping to boost profits substantially and allow further expansion into other areas. Persistent roadblocks, however, have been in their way since 2006 and are proving difficult at best to overcome.
The primary issue blocking Party Gaming from making a name or itself in the online gaming world State-side lies in the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 that effectively cut off many funding functions for internet gambling websites. While not expressly outlawing internet gambling the UIGEA prohibits any US-based bank from allowing individuals to fund online gaming accounts. This effectively means that, although gaming establishments can be available online, no money can be either deposited or withdrawn into user accounts.
The UIGEA and its effect upon the online gambling sector has been hotly contested since its 2006 inception with many organizations around the world fighting against it and what they feel to be unfair discrimination as the Act does not impost the same restrictions on sports better or horse racing. Many companies, in fact, have even brought US delegates to call in World Trade Organization meetings in an attempt to repeal the declaration. Party Gaming has joined in this fight recently as well, citing how the continuation of the Act and limitation of the market available for online gaming would be a major blow to Gibraltar as a whole due to the fact that the island’s economy is highly reliant upon the finances that online gambling establishments can provide.
Some progress is being seen in some areas, however, with Congressmen Jim McDermott and Barney Frank working to repeal the act on the grounds that full legalization of online gambling and the support of all processes associated with it should generate roughly $48 billion over the next ten years from tax revenues alone. Additionally the allowance of online gambling in all forms should help create jobs and circulate cash through the economy, something that could give a much-needed boost to many sectors that are still having troubles following the recent major economic crisis that has hurt countless industries and countries around the world.
Additional support has been rumored to be in the works from many land-based casinos in the US looking to support the elimination of the UIGEA as well. The additional support, coupled with the global push to allow fair operations in all area, may be just what is needed to help turn the tide in favor of online gambling companies and allow groups like Party Gaming to finally expand their market offerings and take their business to the next level.
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