Details on Barney Frank's Online Gambling Bill Released
06 May 2009
Wow, this looks great. The “Internet Gambling Regulation Consumer Protection & Enforcement Act regulation” (say that 10 times fast!) details were released today, and what this bill proposes is awesome.
With the safeguards in place (listed below,) I really don’t see how this bill wouldn’t pass with flying colors.
Key Points include:
- The bill proposes issuing licenses to operators who are ‘‘in good financial and legal standing and of good character, honesty, and integrity” and “whose prior activities, reputation, habits and associations do not pose a threat to the public interest or to the effective regulation and control of of the licensed activities.”
- 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.
- The proposed licenses would last for five years. Anyone would be able to apply for a license provided they meet the conditions above and that they provide their financial statements, and the criminal and credit histories of directors.
- The document proposes that the exact procedures for running background checks will be decided by the Secretary of the Treasury later. The Secretary will be charged with approving and monitoring licensees, and may call on the Attorney General to compel compliance.
- The bill would provide Treasury the authority to terminate the licenses of operators who fail to comply with the bill’s provisions, as well as to imprison them for up to five years.
I especially love #4. I can guarantee you that no rogue operation would even think about applying for a license when they know that their background will be investigated. This will protect players to the utmost extent.
The rest of the story…
19 June 2009Online Gambling Prohibition is Costing Search Engines Millions
The times are getting exciting for online gambling. Everybody has something to say on the subject. On June 10, 2009, in a crackdown on illegal gambling and suspected money laundering, the bank accounts of some 27,000 online gamers were frozen by U.S. authorities. At the same time, the European Union accused the U.S. of violations of international trade rules by banning online gambling. The EU gaming outfits are claiming a $100 billion loss because of the U.S. ban.Read full article
22 June 2009Can Harrah’s and Others Gain From Online Gambling?
The fight is on. Many people and quite a few big U.S. casinos would love to see internet gambling legalized. For the casinos, this would give them a much bigger market and an ability to reach out to people who never get a chance to travel to Las Vegas or Atlantic City. Not to mention the legions of young poker players who have grown up learning and honing their poker skills on the internet. But not all is rosy on the gambling front.Read full article
14 July 2009Slots at the Racetracks in Ohio
I know the slot lovers in Ohio are thrilled to hear this news! They say this will bring into the state $933 million in fees and licensing over a period of two years. “We’re going to create a whole bunch of new jobs too,” said Keith Gisser, director of publicity for Northfield Park. “We’ll have to build a temporary facility (to house the slots).Read full article