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 While Mastercard may be giving many gamblers a headache lately it looks as though several of their former top officials are looking for a way to make things simpler for American players. They have banded together to create a new U.S. subsidiary of UK payment processor UC Group Ltd. called Secure Trading.
The company claims that their services will allow licensed gambling operators to quickly and efficiently comply with proposed Internet gambling regulations. Just a few of the services they plan to provide include payment processing, anti-money laundering and fraud tools, tax computation and collection, settlement and reporting as well as player registration, verification, and validation to ensure that the player aren't providing false information about their legal eligibility to play.
While the company isn't willing to risk providing their services just yet they think that it's only a matter of time before regulated online gambling becomes a reality in the U.S. and want to be completely prepared.
"Momentum for regulating Internet gambling in the U.S. has been building for some time," said Chris Thom, former chief risk officer at MasterCard and Chairman of Secure Trading in a prepared statement. "As Congress prepares to take the final step, SecureTrading Inc.'s turnkey system is primed to enable our customers to go live the moment Internet gambling is regulated."
Enforcement of the Unlawful Internet Gambling act of 2006 has been put off several times in the past but unless further actions are taken by Congress in the near future the laws will take effect this summer making online gambling practically illegal and money transfers from American players risky. Companies like Secure Trading are putting their trust in Rep. Barney Frank who has been fighting hard for new legislation.
Frank introduced a bill last year called the Internet Gambling Regulation, Consumer Protection & Enforcement Act of 2009 aka H.R. 2267 that would create a federal regulatory and enforcement framework for gambling operators to apply and obtain gambling licenses from the federal government. Similar to legislation passed in many parts of Europe it would allow the federal government to tax and regulate gambling sites rather than try to hold back the flood of illegal ones.
Frank is expected to bring the bill before his committee in "the coming weeks," says Michael Waxman, executive director of industry trade group Safe and Secure Internet Gambling Initiative. "We'll have to see from there how quickly Congress decides to move on it but certainly, given the significant amount of revenue that would be generated, this is going to get serious consideration and the expectation is it will be passed, it's just a question of when."
With the deficit growing by leaps and bounds and baby boomers retiring can the U.S. government really afford to let this opportunity pass it by? It is doubtful. Secure Trading like others are counting on legislation to go their way. Write to your Senators today and let them know how you stand on this vitally important issue.
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