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New online casino gambling legislation introduced

May. 07, 2009

Barney Frank (D-Mass.) and Peter King (R-N.Y.) introduced legislation Wednesday that established a regulatory structure for the Best online casinos gambling in the USA.

"Internet casino gambling in the United States should be controlled by a strict federal licensing and regulatory framework to protect underage and otherwise vulnerable individuals, to ensure the games are fair, to address the concerns of law enforcement, and to enforce any limitations on the activity established by the states and Indian tribes," written in the bill.

The bill, which directs the Treasury Department to regulate the internet gaming industry, is cautious about making certain individual states and Native American tribes have the right to enforce additional limitations on online gambling or simply ban it all together.

A licensing procedure must "adopt and implement systems to enforce any applicable federal, state, and Indian tribe limitations," written in the bill.

An additional part of the bill manifests that one of the minimal conditions for a certified operator is "ensure that no customer who is located in a state or tribal land that opts out...can initiate or otherwise make a bet or wager prohibited by such opt-out."

In order for an operator to attain a permit in the USA casinos industry, they would have to demonstrate that they had a layout to "protect underage and problem gamblers, ensure games are being operated fairly and comply with and address the concerns of law enforcement."

All operators will need to be approved a background check. Furthermore, if granted the model 5 year license, they will need to b certain all players were of legal age and permitted to gamble from their locality, collect consumer taxes, pay their own taxes, secure against financial crime, bring about insurances for addicted players, fulfill privacy securities and meet any other specifications the Treasury Department might ask for.

The body of laws also indubitably dictates that sports gambling is illegal on the net.

"The bill was very outstanding and thorough," expressed Buffalo State business law professor Joe Kelly. "I certainly think it establishes what an average Congressman is looking for (in terms potential operators) -- suitability, solvency and social responsibility."

Kelly also stated the bill set very stiff ethics for individuals attempting to get a gaming license.

"The entity seeking the license has to show clear and convincing evidence (that they're suitable). That's a higher burden of proof than in many civil cases. It's also what New Jersey uses (to regulate their gaming industry), " he stated.

Innovators inside the online gaming commerce joined Kelly in their adulation of the bill.

"Online poker is legal, thriving industry and poker players deserve the consumer protections and the freedom to play that are provided for in this legislation," stated Alfonse D'Amato which hold the position of the Poker Players Alliance Chairman. "We are grateful for Chairman Frank's leadership and will be activating our grassroots army made up of over one million members to help him drive legislation."

"As Americans continue to wager online more than $100 billion annually in a thriving underground marketplace, it is time for Congress to acknowledge that prohibition has been a failure and a new approach is needed," supplemented Jeffrey Sandman, representative for the Safe and Secure Internet Gambling Initiative.

"Banning Internet gambling has the same effect as the ban on alcohol had during Prohibition; it merely drives the activity underground, forgoes massive tax revenues and makes criminals out of otherwise law-abiding citizens," aforesaid Michael Brodsky, Youbet.com CEO.

Rep. Jim McDermott (D-WA) established an associate bill to the King and Frank enactment Wednesday that asks for all operators licensed under the Frank bill to remunerate a 2% fee to the government on all deposits made.

"We are losing billions of dollars in federal and state taxes every year because a prior Administration and its supporters drove legitimate U.S. online gambling off-shore by passing an ill-conceived late-night amendment in Congress that has done nothing except make Americans more vulnerable to scams when they wager online and cost us billions in lost revenue," stated Rep. McDermott.

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From the Online Casinos USA team

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