There has been a new ruled proposed that has gotten online gamblers in the U.S. in a foul mood. A rule proposed by the Treasury Department would require a weekly report of all electronic money transfers into and out of the U.S. by all financial institutions. Along with the reports the social security numbers of all those making thing transaction will be included. Currently no reports are made if transactions are less than $10,000.
Could the U.S. government use this information to halt all U.S. online gambling in the U.S.? If you frequent the many gambling forums that are currently buzzing about the topic you would have to say yes. The Treasury Department says that this proposal is only aimed at catching money launderers with links to funding terrorism. U.S. gamblers heavily rely on third party payment processors are concerned though.
A business professor at the State University of New York College in Buffalo, Joseph Kelly seems to thank all these fears are going a little overboard and the overall effect this proposal will have on internet gambling will be minimal.
He reasoning seems reasonable enough; he claims that all the big reputable financial entities have already withdrawn from the online gambling market. These big institutions have been replaced by many smaller companies that in the long run are not good for money laundering.
These smaller payment processors are just right for keeping the online gambling industry funded and are mostly not large enough to get on the Treasury Departments radar. According to Kelly, the online gambling companies have done well with hiding their involvement with international wires and could continue to perform through the use of shell companies.
Something that any player who gambles online in any way, shape or form can tell you is that laws and regulations are constantly changing and in a state of general flux. There's no better example of this in recent times than the last-minute changes that the Dutch Gaming Authority has made regarding how online casinos can operate. They have made a number of changes, some of which definitely seem arbitrary at best, and this is drastically changing which sites are able to run in the country.
One of the problems that has come up around bitcoin-based casinos is the chance that the currency itself will not be treated as currency regarding certain types of tax situations. In Europe, for example, there was the question that the cryptocurrency might not be considered a currency at all. If not, then it would be subject to the value added tax, and that would make it a much less attractive option for playing at gambling sites.
The Hedqvist Case
One of the biggest topics going in the online gambling industry over the past couple of months has been the big bidding war between GVC and 888 Holdings for the purchase of Bwin.Party. We've seen them go back and forth with bigger and bigger proposals, but it seems like we might finally be getting towards the end of this extremely entertaining struggle.
GVC Makes Massive Offer
The previous offer by 888 Holdings was for a total of £898.