Using Bitcoin and Litecoin to pay for poker online is legal and convenient. However, a few online poker operators have been pushed out of the US market because of the UIGEA. If you are looking to play poker online, then this is the article you need. Bitcoin and Litecoin are the two most popular forms of payment for online poker. Read on to learn more about these currencies and their legality. Using them will make your poker online experience even better!
UIGEA made it illegal for US banks to handle transactions with online poker sites
The United States’ Unlawful Internet Gambling Enforcement Act (UIGEA) prohibits U.S. banks from processing payments for online poker sites. However, some online poker companies managed to continue operating in the US after the law was passed. In one case, the online poker companies allegedly mis-coded transactions to make them appear to be legitimate but actually were simply trying to launder money.
The UIGEA also prohibited payment processors from processing payments for gambling companies. However, many privately owned businesses continued to accept US players. However, the new law limited the number of options for US players and greatly reduced their options. Some online gambling sites are still accepting payments through US banks, while others have closed down. As a result, US players are left with limited selection of gambling sites.
UIGEA pushed a handful of operators out of the US market
The UIGEA is a piece of legislation that was attached to the unrelated SAFE Port Act in 2006. President George W. Bush signed the legislation into law on Oct. 13, 2006. This legislation outlines banking regulations for online gambling, and it bans all but explicitly legal sites from accepting U.S. players’ funds. Although the UIGEA was not popular with Congress, it has become an unavoidable roadblock in the legalization of online gambling in the US.
UIGEA has been widely criticized because of its negative impact on the online poker industry. It has resulted in the loss of more than $1 billion in revenue for online poker sites. Many operators had withdrawn from the US market because they couldn’t get enough customers to pay their bills. However, it’s important to note that the UIGEA was not a result of illegal gambling but of government regulations.
Bitcoin and Litecoin are legal forms of payment for online poker
The popularity of these new digital currencies has led more gaming platforms to accept these digital coins as payment methods. The advantages of these coins over traditional banking methods are numerous, and they enable secure, faster processing of transactions. This is especially beneficial for players from countries where bank account transactions are not permitted. Moreover, players can benefit from special bonuses and incentives if they use these cryptos to make their payments.
While many websites accept Bitcoin as a form of payment, you may have some concerns about their safety. You should always read the terms of bonus offers before spending any money. Moreover, make sure to choose a regulated and reputable casino. If you are not confident about the security of your payment method, you should play a few free games and check its legitimacy. In addition, you should be aware of the government’s attempts to restrict cryptocurrency usage, but the popularity of Bitcoin and Litecoin have only increased.