UIGEA Threatening Online Betting Market of New York
The horse racing industry in US is really facing a tough time and to add fire to the fuel, UIGEA is just adding more and more problems for it by making a cut into its business. And so, Scott Murphy, the representative of US House and New York for bipartisan legislation, might officially exempt the online horse race. This race is being wagered by UIGEA.
He is on the way to make sure that companies get the assurance, through which they can accept bets. The online industry is becoming a huge source of revenue for the entire gambling world. Reports also say that MasterCard is also balking at honouring the online horse race, bets at least in New York and that too only because of UIGEA, which prohibits financing gambling by financial institutions.
However, the UIGEA adds that betting by financial institutions is allowed. However, it should be according to the interstate horse racing act, which came into being in 1978. To add further confusion, Murphy says that there is contradiction, which does not nullify 1961’s wire Act prohibiting internet gaming.
This confusion has out a threat to the $250 million plus bet, which has already been put in New York. From them, the New York Racing Association has already taken $19 million. And there is also a huge amount of possibility that the report of Murphy for clarifying the UIGEA on the federal level could very well open the door for maximum online betting. It may be done in other states as well and not just in New York only. However, for this time, it seems that New York is on a stalemate with regards to legal online gambling like many other states of the United States of America at the present moment.
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