The FDIC and the other federal banking, thrift and credit union regulatory agencies are issuing the attached guidance and examination procedures related to the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA).
http://www.fdic.gov/news/news/financial/2010/fil10035.html
means the staking or risking by any person of something of value upon the outcome of a contest of others, a sporting event, or a game subject to chance, upon an agreement or understanding that the person or another person will receive something of value in the event of a certain outcome;
https://www.law.cornell.edu/uscode/text/31/5362
31 U.S. Code § 5362 - Definitions. § 5362. All prizes and awards offered to winning participants are established and made known to the participants in advance of the game or contest and their value is not determined by the number of participants or the amount of any fees paid by those participants.
https://www.law.cornell.edu/uscode/text/31/5362
The Act that is UIGEA (Unlawful Internet Gambling Enforcement Act) then makes a mess by creating a confusion of the issue of skill after stating that the betting’s all include the purchase of a particular opportunity so as to win a lottery that is a subject to chance. 0 Comments.
http://www.gamblingusa.com/uigea/
1 Attached are an overview of UIGEA, a chart identifying the designated payment systems and requirements of participants, and examination procedures related to this rule.  Compliance with the rule was required as of June 1, 2010.
http://www.fdic.gov/news/news/financial/2010/fil10035.html
UIGEA defines a participant as an operator of a designated payment system, a financial transaction provider that is a member of or, has contracted for financial transaction services with, or is otherwise participating in, a designated payment system, or a third-party processor..
http://www.fdic.gov/news/news/financial/2010/fil10035.html
The term “restricted transaction” means any transaction or transmittal involving any credit, funds, instrument, or proceeds described in any paragraph of section 5363 which the recipient is prohibited from accepting under section 5363.
https://www.law.cornell.edu/uscode/text/31/5362
any activity governed by the securities laws (as that term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 for the purchase or sale of securities (as that term is defined in section 3(a)(10) of that Act);
https://www.law.cornell.edu/uscode/text/31/5362
Each depositor insured to at least $250,000 per insured bank. UIGEA was enacted to prohibit institutions from accepting payments from any person engaged in the business of betting or wagering with a business in unlawful Internet gambling.
http://www.fdic.gov/news/news/financial/2010/fil10035.html
The term “financial institution” has the meaning given the term in section 903 of the Electronic Fund Transfer Act, except that such term does not include a casino, sports book, or other business at or through which bets or wagers may be placed or received.
https://www.law.cornell.edu/uscode/text/31/5362
what is the uigea form
The Unlawful Internet Gambling Enforcement Act form is a financial transaction provider that is a member of or, has contracted for financial transaction services with, or is otherwise participating in, a designated payment system, or a third-party processor. The Unlawful Internet Gambling Enforcement Act form a financial transaction provider that is a member of or has contracted for financial transaction services.