The bill put forward by US Senator Jon Kyl, a republican from Arizona, is causing unrest in the world of online casinos. If passed, the bill would require all banks to monitor the transactions between their customers and online casinos. The situation today is that the majority of players at online casinos choose to send their money through electronic transfer services. This allows them to gamble free of restrictions. These transfer services, which the online casinos rely on, are also being targeted by the bill.
The bill would be asking the banks to monitor payments at online casinos. Such an order would cause a tremendous amount of work, and would be extremely costly. If the bill would pass, banks would be required to go over billions of un-coded transactions and figure out if they are related to online casinos or, say, to restaurants. It seems that cracking down on online casinos is not a practical idea.
Nor is it a popular idea. A recent CNBC poll showed that over 90 percent of Americans would like to see online casinos regulated in the US, not entirely prohibited. Another poll, conducted earlier this year by the Wall Street Journal came up with similar results. It showed 85% do not want the ban. Regulating online casinos is not an unfounded proposition. If the US would choose to take this road, it will join some 88 other countries, including the UK, who are at some stage in the process of legalizing and regulating online casinos.