Casino News

Firepay says ban will have negative impact

2006-10-03 16:15:00

The online money transfer outfit Firepay has warned that financial restrictions in the gambling sector set to be implemented in the US will have a negative impact on its business.

The Unlawful Internet Gambling Enforcement Act of 2006 will prohibit gambling firms from "accepting any financial instrument in connection with unlawful internet gambling", the company said in a statement.

Firepay expects the act to receive the president's approval &ndash and therefore become law &ndash in the near future.

The company condemned the act for not defining "unlawful internet gambling", and stressed that the law does not "make unlawful any activities by financial institutions that are not themselves gambling businesses", indicating the impact the new legislation will have on legally operating financial firms connected with gambling.

"The enactment of the Act will have a significant negative impact on the business and results of operations of the company," the company concluded.