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  1. #1
    The Buzz's Avatar
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    Default Frank to introduce gambling legislation Wednesday

    After months of rumors, the day has finally arrived. Rep. Barney Frank has announced that he will introduce legislation tomorrow that aims to allow licensed gambling operators to accept wagers from individuals in the U.S.

    An updated analysis estimates that regulation will generate up to $63 billion in new government revenue over ten years.

    Casino City has a press release from the Safe and Secure Gambling Initiative about today's news. The release can also be seen below:

    WASHINGTON, D.C. -- (PRESS RELEASE) -- Barney Frank (D-MA), Chairman of the House Committee on Financial Services, today announced plans to introduce legislation tomorrow to establish an enforcement framework for licensed gambling operators to accept wagers from individuals in the U.S. The legislation is expected to include a number of significant consumer protections, including safeguards against compulsive and underage gambling, money laundering, fraud and identity theft. Millions of Americans are wagering more than $100 billion annually with offshore Internet gambling operators despite the current prohibition imposed under the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA).

    "We applaud Chairman Frank's strong leadership to advance a common sense approach to regulate Internet gambling and reverse the intrusive, ineffective and burdensome prohibition," said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative. "Despite the current prohibition, millions of Americans wager more than $100 billion annually with offshore Internet gambling operators. Rather than tell Americans what they can and cannot do online in the privacy of their homes, Chairman Frank's approach to regulate Internet gambling would protect consumers and allow the U.S. to generate billions in new revenue to fund critical government programs."

    During the 110th Congress, Chairman Frank introduced the Internet Gambling Regulation and Enforcement Act of 2007. A companion piece of legislation introduced by Rep. Jim McDermott (D-WA), the Internet Gambling Regulation and Tax Enforcement Act of 2008, would help capture revenues that are currently lost to offshore gambling operators. According to a recent analysis, collecting taxes on regulated Internet gambling would allow the U.S. to capture from $48.6 billion to $62.7 billion in new revenue over the next decade, a 21 percent increase from previous estimates. Without this legislation, this revenue will remain uncollected.

    Representatives of the financial services industry, including the Chamber of Commerce and Financial Services Roundtable, have expressed concerns about the burden and ambiguity in the rules to implement UIGEA which require the financial services sector to identify and block unlawful Internet gambling transactions.

    "We hope all interested parties will unite to support Congressman Frank to help advance this important legislation," Sandman said. "Americans continue to gamble online. It is time for Congress to regulate and tax Internet gambling."

  2. #2
    vinism's Avatar
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    Default

    Here's a copy of the bill:

    www.apcw.org/legal-documents/1576_001.pdf

  3. #3
    johns1124 is offline Private Member
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    This is no "Repeal", this is Regulating it which is BAD for the affiliate market. Believe me if they Regulate it and have limited number of Licenses, Open up advertising to the mass media. They will have no reason to have affiliates, Period!

  4. #4
    slotplayer is offline Private Member
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    I'm more interested in the two related bills and how they'll play a part in all this regulation.

    H.R. 2607 and H.R. 5523


  5. #5
    Engineer's Avatar
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    Quote Originally Posted by johns1124 View Post
    This is no "Repeal", this is Regulating it which is BAD for the affiliate market. Believe me if they Regulate it and have limited number of Licenses, Open up advertising to the mass media. They will have no reason to have affiliates, Period!
    The UK is regulated, and there are a good number of affiliate programs that service the UK market. I think the US could follow a similar path.

    Also, US regulation may not necessarily be the end of the road for the offshore casinos that currently accept US players. If these casinos offer a better overall gaming experience, I think players will continue to play there.

  6. #6
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    I agree Engineer...

    And regulation or not I do NOT think it would be the end of affiliates.

    I think the casinos will need us even more.

    Collectively we actually handle a very high percentage of the traffic, and I do not believe regulation will change that considerably....sure there will be SOME shifts in traffic, but overall we will stand to benefit as much as the industry and the players.

    Rick
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    If an affiliate program is not small affiliate friendly (especially small US Affiliate), then they are NOT Affiliate Friendly!

  7. #7
    johns1124 is offline Private Member
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    "Also, US regulation may not necessarily be the end of the road for the offshore casinos that currently accept US players."

    You think the US Gov't is going to stand idle as Americans Payers and potential tax $$ are going offshore? Letting the $$ go offshore when your not making Tax money is one thing, but losing good ole Possible Tax money offshore is another. Thats why this legislation is garbage. Nothing in there about Offshore Entities and their impact. Nothing about the legalities of offshore casinos under this law. Total Garbage, this thing will need to be re-written several times before its even possibly voted on. Right now It does not Repeal the UGEIA. What it does is put the US Govt in the Online Gambling market, with competition (being the offshore). This garbage legislation looks like a red herring for bad things to come. But fortunetly enough I dont think it will see the light of day the way its written.
    Last edited by johns1124; 8 May 2009 at 2:19 pm.

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