In what is good news for both land-based casino gamblers and the U.S. facing online gambling industry, the U.S. Department of Treasury has revealed a new regulation exempting terrestrial casinos from having to report currency transactions for more than $10,000 on jackpots earned from electronic gaming machines, such as slots and video lottery terminals.

Although it's not certain exactly what this means in terms of taxes for the the recipients of these jackpots, it would appear the new regulations could be in favor of taxpayers. The news is certainly favorable to the Internet Gambling Regulation and Enforcement Act (IGREA), for it reaffirms the importance and central role of the Financial Crimes Enforcement Network (FinCEN).

In the land-based casino gambling industry, FinCEN has long been the branch responsible for regulating financial transactions made at brick n' mortar casinos.  Serving to prevent and detect fraudulent behavior and organized crime, FinCEN is integral to the proper regulation of land-based casino gambling.

In the IGREA, strict regulation protocols for protecting online bettors and monitoring the financial system is assigned to FinCEN as well. Gambling analysts agree that it makes sense for FinCEN to be assigned with regulatory responsibilities for the U.S. facing online gambling industry, considering they already do so for land-based casinos. Although the technologies and mode of regulation differ in many ways, the goal of both regulatory frameworks is the same - Keeping crime and abuse out of cash intensive businesses.

Now that the IGREA is being scrutinized in the House Financial Services Committe, the FinCEN will certainly be on the minds of many Congressman considering the possibilities of regulating online gambling.