Gambling News - October 2006 Edition

Online Casinos

In the fast-paced world of online gambling, there are always new developments.  Of great interest to online casinos and their customers presently is the newest U.S. online gambling legislation, which was recently passed by Congress.  In an effort to clamp down on the explosive growth of the online gambling industry as well as to protect the U.S. domestic gambling scene, the bill targets credit card companies and banks and makes it illegal for them to process financial transactions between U.S. residents and online casinos.

Firepay.com is one of the first online payment processing companies to respond to the bill since it went into effect and has done so by putting a stop to financial transactions between its U.S.-based customers and online casinos.  While Firepay continues to process non-online casino payments and transactions in the U.S., residents of the U.S. will no longer be able to use the company’s services for online gambling purposes. 

Firepay has told its customers that have funds in an online casino account that they have ten days from the day the bill goes into effect to transfer their funds back to their U.S. bank accounts.  Residents outside of the U.S., of course, remain unaffected by the new law and can continue using Firepay for online gambling financial transactions.

As a result of the new online gambling law (“Unlawful Internet Gambling Enforcement Act of 2006”), online casinos and other online gambling-related companies, such as Firepay, are being forced to turn more and more towards Europe and Asia to make up for their lost U.S. customer base.

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