This morning we had the pleasure of speaking with an investor from the Isle of Man. It was a very interesting conversation, especially considering the fact that he was in the industry when the UIGEA (Unlawful Internet Gambling Enforcement Act) of 2006 was passed here in the states. UIGEA is an act that "prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law." As you can imagine, this caused a mass exodus of online gaming industry from the U.S. market. The investor we spoke to was extremely knowledgeable on the market and is now an investor in the space. As with any investor, we appreciated his time, his questions, and his feedback. He also shed light on how beneficial doing business in the Isle of Man can be. We know it is, but it reassured all of our assumptions. Sounds like a wonderful place; we are looking forward to visiting.
But back to UIGEA. This is currently one of the major acts that states such as Nevada and New Jersey are battling. Hundreds of millions of dollars left our market after the act was passed. What a shame. Aren't we
the icon and ambassador for freedom and capitalism? America is missing out on such an opportunity (jobs, taxes, etc.). Thankfully there are some visionaries that are taking the lead on changing this. Until the regulatory environment changes domestically, we will be aiming to launch Wager Wars in regulated markets around the world.
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