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Update on the Safeport Act and it affect on online gambling

Posted by Aegist on November 11th, 2006

Since the US Government passed the Bill which illegalised the transaction of money from a financial institution to an international bookmaker or casino, the online gambling industry has seen a lot of confusion and panic. Share prices for sportbooks dropped drastically, websites stopped accepting US players. So, over a month further down the track now, and how does it look? Well, the main international E-wallets have already stopped depositing US member funds into sportsbook even though there is a 270 day period for the government to decide what the act actually means. Aside from that negative, many sportsbooks are inviting US players to play with them still, while many commentators are heavily critical of the act.

See these two articles from MSNBC:

http://www.msnbc.msn.com/id/15240569/

http://www.msnbc.msn.com/id/15265338/site/newsweek/

So the opinion one month down the track is more and more that this law will become another futile law ignored by much of the populace, or else will simply be removed soon. And by and by, the vast majority of people online agree that that is a good thing. But in the meantime the affect on Arbitrageurs from the USA is being felt. If they cant use neteller, moneybookers or firepay to transfer funds quickly between books, then they’ve lost an important edge to the necessary tactics of arbing.

I’m wondering which side will break first. Will the sportsbooks invent new methods for the arbers to deposit money, or will the law be rendered innefective from the government themselves? Particularly now that the Democrats have taken over…..

Shane

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