US Legislation Aimed at Regulating Online Gambling

Legislation aimed at reversing a 3-year-old ban on Americans placing online bets was recently introduced by U.S. House Financial Services Committee Chairman Barney Frank. Frank said the bill would give the U.S. Treasury Department the authority to establish regulations and license Internet gambling operators.

From the CAP Newswire:

After months of anticipation, U.S. House Financial Services Committee Chairman Barney Frank has introduced into the U.S. Congress new legislation that would not only reverse the UIGEA (Unlawful Internet Gambling Enforcement Act of 2006), but would also establish a legal regulatory framework to allow online gambling in the United States.

The new bill, officially called the Internet Gambling Regulation Consumer Protection & Enforcement Act, would give the U.S. Treasury Department the authority to regulate how Internet gambling is conducted in the country. This would be accomplished through a system of licensing of gaming companies; the Treasury Department would have the authority to issue or revoke such licenses. [ read more ]

Also reporting on this bill is iGamingBusiness:

According to our friends at the Safe and Secure Internet Gambling Initiative, the legislation is expected to include a number of significant consumer protections, largely targeting compulsive and underage gambling, money laundering, fraud and identity theft.

Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative said, “We applaud Chairman Frank’s strong leadership to advance a commonsense approach to regulate Internet gambling and reverse the intrusive, ineffective and burdensome prohibition.

“Despite the current prohibition, millions of Americans wager more than $100 billion annually with offshore Internet gambling operators. Rather than tell Americans what they can and cannot do online in the privacy of their homes, Chairman Frank’s approach to regulate Internet gambling would protect consumers and allow the US to generate billions in new revenue to fund critical government programs.” [ read more ]

This is potentially good news for all who’ve been appalled and dismayed by the US government’s nonsensical and anti-competitive prohibition on online gambling. Hopefully the representatives and senators will see the wisdom (and potential revenue) in regulation versus prohibition.

Filed under: Industry News
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