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Lawrence G. Walters

Breaking down the UIGEA: Did Congress Kill Internet Gambling?

29 November 2006

More than a few jaws dropped as word of the surprise Congressional action leaked out. The United States government had finally passed a law prohibiting Internet gambling . . . or so it appeared. Interestingly, the industry seemed willing to accept this reality before it even read the Statute. Mere days after the weekend announcement that Congress had passed the Unlawful Internet Gambling Enforcement Act of 2006, several publicly listed gaming companies announced that they would no longer be accepting wagers from United States citizens. Over $7 billion was erased from the London Stock Exchange in a matter of days, as Internet gambling stocks tumbled upon the news of the law's passage. But what is the real relevance and impact of the new legislation? Can it really be labeled as "prohibition?"

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Lawrence G. Walters
Lawrence G. Walters