May 19th Set For Online Gambling Hearing

16 May 2010

The House Ways and Means Committee had announced a hearing on tax issues concerning possible changes to the online gambling laws in the United States. The Hearing is scheduled for May 19th.

UIGEA, better known as the Unlawful Internet Gambling Enforcement Act is set to go into effect June 1. UIGEA makes it illegal for banks and other financial institutions to knowingly process payments from or to known or suspected gambling sites.

Rep. Barney Frank has two bills before congress to change the laws in the United States regarding online gambling. One does away with UIGEA and the second one sets up the framework were in online gambling can be regulated and controlled.

Rep. Jim McDermott has a bill that sets up the taxation rates that online operators, state and tribal governments would pay to the United States government. The bill is called the Internet Gambling Regulation and Tax Enforcement Act of 2010.

Next week hearing is an attempt to gather information on the taxation of internet gambling money when and if it becomes regulated in the US.

Related News

  • 25 March 2010

    Gaming Lobby Open To Legalized Internet Gambling

    The American Gaming Association (AGA) has released in a new policy statement that it is open to the idea of legalized internet gambling as long as the proper regulatory structure was enacted to protect consumers and the integrity of the game. However, while changing its stance on legalized internet gambling, it has still not endorsed any of the bills now before Congress.Internet gambling is estimated to be a $26 billion a year industry.AGA Chief Executive Officer Frqank fahrenkopf Jr.

    Read full article
  • 27 March 2010

    The Time To Repeal UIGEA IS Now

    With the signing into law of the health care reform legislation, the United States Congress will be free to finally start working on other legislation which has been forced onto back burners for much of the last year. The biggest bill of this group is Barney Frank’s (D-MA) HR 2267, the InternetGambling Regulation, Consumer Protection, and Enforcement Act. As the name implies, this bill would regulate and tax internet gaming, and would protect consumers from racketeering and money laundering.

    Read full article
  • 10 April 2010

    Online Gambling Bills To Be Heard Next Week

    Rep. Barney Frank’s hard work is about to pay off. His online gambling bills, the Reasonable Prudence in Regulation Act (HR2266) and Internet Gambling Regulation, Consumer Protection and Enforcement Act (HR 2267), are to be heard by the House Committee on Financial Services on April 16. With the provisions of UIGEA set to be enforced starting June 1st, and no more extensions expected, it is a bit of good news for online gambling.

    Read full article