April 27 -Those who expected the bill introduced by U.S. Rep. Barney Frank
(D-Mass.) today would repeal the online gambling ban completely will be
disappointed as the proposed bill is aimed at licensing and regulating
operators in the United States...
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| Called The "Internet Gambling Regulation and Enforcement Act", Frank and his
colleagues is proposing a regulatory framework to license gambling
operators and allow them to accept bets from U.S. residents, as long as they
adhere to strict regulations.
The Unlawful Internet Gambling Enforcement Act (UIGEA), is aimed at stopping
financial transactions related to online gambling.
Frank, who is the chairman of the House Financial Services Committee, was
very outspoken against the bill, labeling it the "worst law ever passed in the
US".
Frank calls for regulation which will ensure that gamblers are over 18 and
that they reside in a jurisdiction where gambling is allowed. Recipients of
licenses will have to prove that they can deal with fraud, money laundering and
compulsive gambling. There will of course be taxes and fees that need to be
paid.
Furthermore, the bill will make provision for Indian tribes to control their
own gambling activities, and sports leagues will be able disallow betting on
their games.
It is expected that the bill will receive a hearing in June / July.
Related Gambling Articles:
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- Yahoo Offers Online Gambling With Their UK Poker Room - 04-29-07
- Ladbrokes and 888 end Online Gambling Takeover Talks - 04-28-07
- Premiership Football Betting Tips - 04-28-07
- World Cup Cricket Betting Favourites Cruise Into The Final - 04-26-07
- Win A Vacation At Fortune Lounge Online Casino Group - 04-25-07
- Free MLB Picks Every Day For Baseball Betting - 04-24-07
- Controversial Online Casino Payment Method Delays Launch - 04-24-07
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