EU Gives Barack Obama Time To Right Online Gambling Laws In US

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President Obama has swiftly done what he said he was going to do upon taking office. He signed a stimulus package Bill into law and now turns his attention to other pressing issues.

One of those issues is online gambling laws in the US, and how they are affecting the country’s relationship with other nations. The European Union is prepared to recommend action against the US to the World Trade Organization, but before they do, they will give Obama the chance to make things right.

“The report next month will back the EU’s position, but the Commission intends to deliver its findings to Washington which it hopes will persuade the US to start bilateral talks to find a solution without going to the WTO,” a source told Rueters.

The report will be the conclusion of an ongoing investigation by the EU to figure out whether the US has violated trade agreements with their 2006 Unlawful Internet Gambling Enforcement Act law. The EU is concerned that the US devastated European Internet gambling companies that are legally registered outside the US, with the UIGEA.

Millions of dollars were lost for publicly traded Internet gambling companies after the law took affect. It will now be up to President Obama to try and be the peacemaker he has made himself out to be.

Prior to Obama taking office, the last administration worked on a different set of rules. They did not give much regard to what other countries thought of their policies. Obama has pledged that his administration would be more pen to negotiation rather than dictator status in the World.

“This Obama’s chance to show the world and the EU in particular that it is a new day in the US. They are able to abide by trade agreements and they do hold in high regard agreements that have been made involving free trade,” said observer Barry Glassberg.

The UIGEA prohibits financial institutions from processing transactions to and from Internet gambling companies. The rules of the UIGEA were just published late last year, and it was one of the Bus Administration’s midnight laws that could be reviewed by the new administration.

Members of Obama’s team, including Rep. Barney Frank, are looking to overturn the UIGEA and regulate the online gambling industry in the US. Obama himself has made his intentions clear to keep Internet commerce free from government intervention.