A new online gambling bill will be introduced in the coming days, paving the way for legalized online gambling for US citizens.
The act will seek to permit wagering at casinos in-person and through both telephone and Internet wagering on sporting events, poker and casino games.
A "commission" will be set up to approve operators, some of which have already submitted applications.
It's about time!!!!!!
Online Gambling Bill to be Introduced This Week
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- Well it is not an easy process....the pros and the cons, the left wing and the right wing, the lovers and the haters, the politicians, the underworld, the scammers, the advocates and the foes, the gamblers and the nongamblers, the senate and the house, the republicans and the democrats, the religious and the atheists, the ones who think that gambling is a sin and will cause more harm and those of us in the LCB who want the bill and those who dont, the online and the offline casinos and the devil and the casino angels!
I just come accross this story.
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- at January 12, 2010, 12:31:32
Online gambling foe Jon Kyl is reportedly making things very difficult on the US Treasury by holding up appointments for officials in key international finance and tax offices. Recent Poker suggests that this issue may be due to his disappointment that the ban on Internet financial transactions with online gambling companies has not been implemented.
Last month, Treasury Secretary Timothy Geithner allowed for a 6 month delay in implementation of the policy enforcement for online gambling prohibition. Kyl was a so-author of the law that bans most forms of online gambling, aptly titled the Unlawful Internet Gaming Enforcement Act (UIGEA).
In the past, the Arizona Senator has made it a point to spearhead efforts to enforce the regulations including sending a letter out to then President Bush, urging him to understand the dangers online gambling poses to America's youth.
Kyl has made it a mission to ban gambling on the Web since 1998.
- dazzlingdebra wrote:
Well it is not an easy process....the pros and the cons, the left wing and the right wing, the lovers and the haters, the politicians, the underworld, the scammers, the advocates and the foes, the gamblers and the nongamblers, the senate and the house, the republicans and the democrats, the religious and the atheists, the ones who think that gambling is a sin and will cause more harm and those of us in the LCB who want the bill and those who dont, the online and the offline casinos and the devil and the casino angels!
Tony or anyone that can answer, what was the big issue for the ban in the first place to take place, what are the reasons for it?
- Barney Frank He is the one that has been fighting for us.
WASHINGTON (Reuters) - Legislation aimed at reversing a three-year-old ban on Americans placing online bets was introduced on Wednesday by U.S. House Financial Services Committee Chairman Barney Frank.
The Internet Gambling Regulation Consumer Protection & Enforcement Act would establish a federal regulatory and enforcement framework for online gaming.
Frank said the bill would give the U.S. Treasury Department the authority to establish regulations and license Internet gambling operators.
The Treasury would also have the authority to revoke or terminate the license of any operator that violates the law. Enforcement actions could also include fines, according to the bill.
"The government should not interfere with people's liberties," said Frank.
The Massachusetts Democrat also told reporters he is introducing separate legislation to freeze the implementation of online gambling regulations under a Bush administration-era law.
European online gambling firms lost billions of euros in value after Congress made it illegal for banks and credit card companies to make payments to online gambling sites.
Republicans controlled the White House and Congress when the Bush-era law was approved. Now, Democrats are in control in both branches of the government, but it is unclear how the Obama administration will handle the issue.
Companies involved in the issue include PartyGaming Plc and 888.com.
Frank's bill quickly drew criticism from a senior Republican lawmaker opposed to gambling.
"Illegal off-shore Internet gambling sites are a criminal enterprise," said Representative Spencer Bachus, the top Republican on the financial services committee. "Allowing them to operate unfettered in the United States would present a clear danger to our youth, who are subject to becoming addicted to gambling at an early age," said Bachus from Alabama.
- Unlawful Internet Gambling Enforcement Act
The Department of the Treasury and the Federal Reserve Board (Agencies) issued a joint final rule on December 18, 2008 to implement the Unlawful Internet Gambling Enforcement Act. The Act "prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling." The final rule requires a strengthened screening process at the time of account opening to deny commercial entities that may be acting as Internet casinos access to the payments system. It also requires that policies and procedures be implemented to prevent all debit and credit card payments to Internet casinos. It does not require that checks, ACH payments, or wire transactions related to Internet gambling be monitored or blocked.
- WASHINGTON - Over the objections of gambling opponents in Congress, the Obama administration has granted a request by US Representative Barney Frank to delay a long-scheduled federal crackdown on illegal Internet poker and casino sites.
“I urged them to do it and I was very pleased,’’ the Newton Democrat said of the delay. “It gives us a chance.’’
You won’t find the chairman of the House Financial Services Committee at a poker table or roulette wheel, as Frank doesn’t gamble. But he said he does not want the government telling people what to do with their own money.
Frank has established himself as a friend of the online gambling industry by seeking to overturn a 2006 law that will make it illegal for US credit card companies to process charges from Internet gambling sites.
The law, intended to cut off the life blood of the $16-billion-a-year online gambling industry, was scheduled to take effect Dec. 1. But last week, the Federal Reserve and the Treasury Department pushed back the effective date until June to give Frank and other gambling supporters time to draft a bill to set up a system to regulate and collect taxes from legal online gaming.
The Obama administration is officially neutral on the issue of Internet gambling but said it granted the delay because of the “considerable interest in Congress in clarifying the laws.’’
While Frank has been too busy with financial reform to work on gambling this year, advocates are hoping they can ride the momentum from last week’s decision to argue that online gambling can become a moneymaker for federal coffers. A recent report from the Joint Committee on Taxation found the Internet gambling could generate up to $42 billion in tax revenue over the next decade.
“We love him,’’ said Martin Shapiro, a professional online poker player from Florida. “What Barney Frank is doing is wonderful.’’
Observers say Frank’s bid is a long shot, particularly since he may have difficulty winning support for a progambling measure in 2010, an election year.
Long shot or not, gambling opponents are frustrated the administration agreed to the delay. Senator John Kyl of Arizona and Representative Spencer Bachus of Alabama argue that legalizing online gambling is a threat to children and teenagers, who can easily log on and become addicted.
“Any economic benefit from taxing Internet gambling would be more than offset by the harm it causes our young people,’’ said Bachus, the ranking Republican on the Financial Services Committee. “What we have is a wave of young Americans who are addicted to gambling.’’
Frank has introduced three bills since 2007 that would nullify the Unlawful Internet Gaming Enforcement Act, which Republicans passed on the final day of the 2006 congressional session. Frank also sent a letter with 18 others in his committee that led to the delay.Continued...
Frank was brought in to Las Vegas at this year’s World Series of Poker to announce, “Shuffle up and deal’’ - poker’s version of “Start your engines.’’ Frank received a loud ovation, said John Pappas, executive director of the Poker Player’s Alliance.
“If anyone is a poker player, particularly an online poker player, they know the name Barney Frank,’’ Pappas said. “A lot of people would say, ‘I’m not sure I agree with Barney on everything, but he’s . . . right on this poker issue.’ ’’
Shapiro said he voted for President Bush in 2004 and always supported Republicans, but his allegiance, along with other conservative poker players, changed after Republicans passed UIGEA in 2006.
“It seems like what Barney Frank is saying is more along the lines of our personal beliefs,’’ Shapiro said.
Frank’s stance has helped his campaign war chest, too. Casino and gambling interests have contributed $56,400 in 2009, according to the Center for Responsive Politics.
Online gambling has operated in a legal gray area since it began in the 1990s. The Justice Department says that all bets placed online are illegal, citing a 48-year-old law called the Wire Act that bans bets over telephone lines, though a federal appeals court ruled in 2002 that online wagers didn’t apply under the Wire Act.
But the Justice Department has not prosecuted individual gamblers in the United States, and nearly all online gambling companies operate offshore, outside of US jurisdiction.
In September, a federal court in Philadelphia upheld the 2006 ban on credit card transactions against a Constitutional challenge that it violated privacy rights.
Frank’s push to legalize the business has made temporary allies out of Frank and the financial sector, at the same time that he is fighting to reform Wall Street. The financial sector has been critical of the 2006 rules because they have been asked to enforce an unclear law, said Floyd Stoner, a lobbyist at the American Bankers Association. His organization also asked the Federal Reserve and Treasury to delay UIGEA.
“We’re not for or against legal gambling on the Internet,’’ said Scott Talbott, head lobbyist at Financial Services Roundtable. “The problem is the bill asked banks to be cops. We should not be the enforcement arm of the US government.’’
The antigaming law granted some exceptions, including one on horse racing, to the ban on gambling-related credit-card transactions on the Internet. But the law also did not define how banks should differentiate between legal and illegal gambling. Subsequent compliance guidelines from the Federal Reserve and Treasury have not made a clear distinction.
Last month, MasterCard said it would block all online gambling transactions, including horse racing, which is legal online.
The Kentucky congressional delegation, four Republicans and two Democrats, then asked for the new rules to be delayed. MasterCard changed course and said it won’t block the transactions, and a spokeswoman said it is using the delay to determine what type of Internet gambling is legal.
Steve Verdier, director of congressional affairs with the Independent Community Bankers Association, said he wants Frank’s bill to pass. “Congress created this problem, and I think it’s up to Congress to fix it,’’ Verdier said.
Correction: Because of a reporting error, this story Monday had an incorrect spelling for the name of a professional online poker player from Florida. The player quoted in the story was Martin Shapiro.
- U.S. Legislation
Special Report: Unlawful Internet Gambling Enforcement Act
Many online gaming sites stopped accepting bets when President Bush signed the Unlawful Internet Gambling Act into law on Oct. 13. Although the measure does nothing to change the players' right to bet online, it will eventually force American banks and credit card companies to block some types of electronic transactions to Internet gambling businesses. As a result, the online gaming industry is changing by the day. And Casino City has been tracking the developments since the legislation passed and continues to report on the law’s impact
That might answer your question @Imagination
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