Congress Introduces bill to License Internet Casinos in U.S.
...the new, Democratic House Financial Services Committee Chairman Barney Frank today introduced a measure that enables licensed operators in the U.S. to offer gambling on the Internet.
An estimated 12 million to 20 million online gamblers in the U.S. contribute more than half the industry's estimated worldwide annual revenue of $12 billion, according to the University of Pennsylvania's Annenberg Public Policy Center.
Under the new measure, sponsored by Rep. Frank, Internet casinos will be licensed to accept bets and wagers online from individuals in the U.S.
The measure would exempt the operators from current restrictions on online gambling and requires licensed companies to have protections in place against underage and compulsive gambling, money laundering and fraudulent advertising.
Currently, the law stops U.S. banks and credit-card companies from processing payments to online-gambling businesses outside the U.S.
Last October, Congress went in a completely different policy direction and banned online gambling for Americans. Prices of publicly traded Internet-gambling companies like PartyGaming and 888 Holdings fell sharply as a result of the ill-conceived legislation. The companies received most of their revenue from American poker and sports bettors.
Speaking to reporters at a Capitol Hill news conference, in Washington D.C. today, the Massachusetts Democrat said he doesn't gamble himself but said the bill is meant to ensure "personal" freedoms for all Americans.
"The current bill is an intrusion on individual liberties," Frank said. On Wednesday, Frank called Internet gambling "victimless."
Rep. Franks has been discussing the possibility of the new legislation for weeks now, and online gamers are enthusiastic about the bill.
Common Sense
"Congressman Frank's bill is a common sense approach to Internet gambling," said former U.S. Senator Alfonse D'Amato, Chairman of the Board of the Poker Players Alliance, a grassroots group that supports legalized gambling on the Internet. "Licensing and regulation will allow us to sort out the most responsible sites -- those who are good corporate citizens -- from those engaged in unscrupulous activities and practices. This legislation creates common sense public policy.Chairman Frank's bill will define a set of criteria by which banks and financial institutions will be allowed to "process funds to and from Internet gambling sites" that meet licensing and regulatory requirements, said D'Amato.
"Such criteria would include requirements that sites operate state of the art age verification software, programs to help problem gamblers, and other technological requirements. In addition, companies would be subject to affirmative monetary controls to detect and stop money laundering activities," said D'Amato.
The former U.S. Senator from New York, a Republican, once considered to be a possible vice presidential nominee for the GOP, said that Americans have played poker throughout history. "Playing poker on the Internet is simply an example of an American tradition evolving into the 21st century," said D'Amato.
Technology that exists today to keep kids off of poker sites was non-existent years ago. "The time is now to license and regulate operators and allow U.S. poker sites to compete with off-shore ones. The Internet poker genie is out of the bottle; you cannot put it back. The United Kingdom successfully regulates Internet gambling and with this bill we can too," said D'Amato.
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