Will Frank’s New Legislation Make Online Gambling Legal This Time Around?
It seems that Barney Frank, who is the United States’ House Financial Services Committee Chairman, is always at the forefront of trying to legalize and regulate Internet gambling. Recently Frank, once again, introduced legislation to Congress that looks to legalize Internet gambling and he stated that he also wants to reverse the Unlawful Internet Gambling Enforcement Act (UIGEA).
The new legislation is called The Internet Gambling Regulation Consumer Protection & Enforcement Act. This new act proposes that new Internet gambling licenses are issued that would, “enable Americans to bet online and put an end to an inappropriate interference with their personal freedom,” Frank recently stated.
It was also said by Frank that the U.S. Treasury Department would have the power to establish regulations and give out licenses to Internet gambling companies that qualify. The Treasury Department would also have to power to revoke licenses.
Gambling licenses would not be issues to every company that seeks one, as each company hoping to obtain one would have to go through a strict background check. Only Internet gambling companies that are honest and have integrity, as well as being in good legal and financial standing, would be considered for a gaming license.
Also, stated in the eGaming Review, “operators will have to demonstrate that they have sufficient expertise in online gambling and sufficient financing to take bets, and that they have the systems and technology in place to combat money laundering and fraud, enforce relevant federal, state and Indian tribal laws including tax collection on bets, and to protect children and problem gamblers.”
Many opponents of Internet gambling becoming legal in the United States cite gambling by minors, fraud, identity theft, and problem gambling as the main reasons why gambling online remain illegal. However, according to Frank his new legislation will take all of these aspects of online gambling into consideration.
Reuters reported, “Frank said safeguards are in place to make sure wagers are of legal age, protect privacy and combat fraud and money laundering.”
The new Internet gambling legislation has been praised by Harrah’s Entertainment, the Poker Players Alliance (PPA), and YouBet.com. However, the American Gambling Association recently stated that they are, “neutral on the issue of online gambling.”
