UC Group Prepares To Process Online Gambling Transactions In US

[d107]

The rest of the world appears convinced that the Internet gambling laws are about to change in the US. That belief is what has driven the UC Group, a UK-based payment processing company, to create a US subsidiary that will be prepared to process online gambling transactions in the country.

SecureTrading is the US subsidiary of the UC Group. The company, which is run by several former employees of MasterCard, does not foresee any delay in the processing once the Unlawful Internet Gambling Enforcement Act is overturned.

"Momentum for regulated Internet gambling in the US has been building for some time," said Chris Thom. former Chief Operating Officer at MasterCard, "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."

Representative Barney Frank has introduced legislation that would overturn the UIGEA. Frank also has laid the groundwork in the legislation proposal for a regulated online gambling industry in the US.

In recent months, there has been a growing number of lawmakers that have joined in Frank's crusade. His legislation now has more than sixty-five co-sponsors, and several have proposed different forms of Internet gambling legislation themselves.

Although the UC Group is already equipped with many of the regulatory provisions that would be in a new system, any non-compliance could cost online casinos to lose their gaming license. Anti-fraud and money laundering tools are used already in the UC group's UK business.

[The Judge]

The tide is turning against the scare tactics of the UIGEA and there are millions to be made by forward thinking processors who are willing to bet against the DOJ actually enforcing the loosely written law.