Laws aimed at curbing the tide of online internet gambling are proving more difficult to enforce then US lawmakers had hoped.

Cindy Skrycki outlined some of the inherent problems that have arisen from trying to enforce these laws a recent column for washingtonpost.com. The 2006 Unlawful Internet Gambling Enforcement Act was aimed at stemming the tide of internet gambling revenue by forcing US banks to disallow the flow of funds into offshore gambling. However, as the law comes out of it’s infancy, banks are finding it increasingly difficult to enact.

The first problem they encounter is the logistical nightmare of trying to separate legitimate transactions from money that is intended solely for gambling purposes. It also becomes a major issue for them to stay within the regulatory compliance mandates of the law as well. The more they pry into each transaction to try and comply with the law, the more difficult, and expensive, it becomes to operate.

The other issue that financial institutions are facing is that even federal agency disagree as to what the law entails. While the law does specify that they must stop the transfer of funds for gambling, it does not specify what exactly constitutes gambling. Thus banks are left to do the guesswork. As time passes there is a growing sentiment that these laws will not work and are, in their current form, unenforceable.

This bodes quite well for the future of internet gambling. If the attempts of the US to stop internet gambling are by all accounts futile, it seems that offshore gambling is here to stay.

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