New Gambling Bill Has Deep ImpactPublished September 22, 2008 by OCR Editor
How the PSPA is going to impact major league sports and sports betting.
The PSPA was passed. Now the US Treasury and Federal Reserve have just sixty days to draw up regulations to prevent sports betting transactions from being processed online. Financial institutions in the US are prohibited from processing payments to online sports betting sites. Already the Federal Wire Act is in place trying to prohibit this type of activity. This is bad news for online sports bettors, but there is more to this story than meets the eye.
Online casinos and poker rooms are thrilled by this news, but Major Sports Leagues are concerned that money will be transferred from these sites to online sports betting sites. If a situation arises where sports betting sites are connected with online gambling sites, it is not in the best interest of sports to be associated with gambling. Corruption or the risk of corruption is exactly what the authorities are trying to avoid.
Integrity versus freedom
There is currently no federal law against online casinos and poker rooms. The PSPA says that these entities cannot be regulated, outlawed or prohibited until a federal judge has determined their legality. But the sports league authorities don't benefit from a blanket ban on betting. The concerns arise when sports stars start wagering on their own performances. Then the integrity and credibility of these institutions is lost forever.
It's a tough choice between personal liberties and these moral concerns.