Internet Gambling Regulatory Bill To Be Discussed Before Committee

Gambling News - December 3rd, 2009 - Written by Glen

For the better half of the year, Barney Frank's Internet Gambling Regulation, Consumer Protection, and Enforcement Act has been a subject of great debate. After months of signing new cosponsors and the delay of the Unlawful Internet Gambling Enforcement Act, the Bill has progressed far enough to constitute a vote. On December Third, the House Financial Services Committee will discuss the issue on a whole.

In the hearing, which is to begin at 10 AM EST, leaders of the industry will be voicing their arguments. Experts in both online security and online gambling are expected to speak, giving descriptions of how current online gambling systems prevent underage gambling, disrupting compulsive gambling, and protecting against money laundering and other forms of fraud.

The extension of the UIGEA deadline has been pushed back, allowing for these proceeds to move forward. Barney Frank, leader in the initiative to legalize Online Gambling from within the House of Representatives, was quoted at saying that the delay "...will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and undo this ill-advised law." The deadline was moved back to June 1st, 2010, and it has been suggested that Frank wishes to put forth his Bill prior to the deadline occurring once more.

Though the industry has been attacked by federal agencies throughout the year, online gambling, particularly online casinos, have continued to maintain their earnings. It has been projected that, with taxing, up to $42 billion dollars could be generated over a ten year period. The majority of the income will stem from licensing fees as well as taxes collected from player's winnings and the corporate entities providing the online gambling sources. Unfortunately, USA online sportsbooks will not be covered by this legislation.

Source - Press Release by the Safe and Secure Internet Gambling Initiative