Online gambling gets its day in court
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I ve been writing about broader gambling issues at Sportsmemo since July of 2005. And there s no broader gambling issue more important than the potential legalization and regulation of the entire offshore betting industry, an industry that has been under constant attack for the last decade, making it more and more difficult for serious bettors and poker players to make wagers and subsequently cash those wagers on the internet.
The wheels of change work very slowly in Washington. That s why the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 was such a shock to serious bettors. The bill was slipped under the radar, hidden in a must pass Port Securities Act, after midnight on the final night of the Congressional session, a backhanded move by it s supporters that resulted in it passing without dissent or debate.
The UIGEA bans the use of credit card and other monetary transactions that bettors use to fund online casino, sportsbook and poker accounts. When UIGEA was passed, it effectively ended the use of Neteller as the primary source for funding and withdrawing from Internet betting accounts. It led directly to the departure of both Party Poker and Pinnacle Sports from the US market, two industry behemoths.
Massachusetts Democrat Barney Frank called the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 one of the stupidest things he has ever seen. Frank will get a chance to further push that message in Washington with a Congressional hearing by the Subcommittee on Domestic and International Monetary Policy, Trade and Technology.
Barney, the Chairman of the House Committee on Financial Services, wants to legalize online gambling in the U.S. and has proposed the Internet Gambling Regulation and Enforcement Act (IGREA) to help make that happen. The hearing is going to show - I want to show - that it's not that the regulations weren't done well, said Frank of the UIGEA. It's that they can't be done well given the inherent nature of the issue.
Frank wants online gaming regulated by the Department of Treasury. Currently under the UIGEA, banks and financial institutions carry that burden when it comes to stopping Americans from gambling online illegally. Frank s IGREA gives an exemption to the UIGEA and would allow Americans to wager online. The bill has generated dozens of supporters among Frank s fellow Congressmen and has picked up steam over the past several months.
What is Frank up against? How about this typical knee-jerk quote from Chad Hills, and analyst for gambling research and policy at the lobbying group Focus on the Family Action , strongly opposed to Frank s IGREA. Hills: Online gambling is perhaps the most invasive, addictive and destructive form of gambling ever devised. We cannot allow this exploitive, greed-driven industry void of a conscience to enter millions of U.S. homes and destroy countless families through gambling addiction, bankruptcy and crime.
The long-delayed hearing will be entitled Proposed UIGEA Regulations: Burden without Benefit? and will offer one of the first true Congressional examinations of the 2006 UIGEA. The hearing is set to explore the effects on US financial institutions of complying with the legislation. Although the law was intended to deter illegal internet gambling activities, millions of Americans continue to gamble online with off-shore operators. A recent independent report from PricewaterhouseCoopers estimated that up to $42 billion could be generated in revenues from taxing online gaming over the next ten years. The good news for us is that the UIGEA has been termed unworkable by many affected parties, including America's powerful banking industry, a valuable ally in this fight.
Frank s bill will be discussed at the hearing as will alternative legislation sponsored by Florida Democrat Robert Wexler and Washington Democrat Pete McDermott. Wexler's bill is for a skill games exemption for poker and other pastimes is favored by the poker world but not sports bettors. In addition, McDermott s Internet Gambling Regulation and Tax Enforcement Act (IGRTEA), that would create a licensing and enforcement framework for regulating online gambling in the US will be discussed as well. McDermott s bill would allow Americans to legally bet online while licensing and regulating operators to protect consumers from problem gambling and combat money laundering and fraud.
The Poker Players Alliance has announced that they will offer a live webcast of the April 2nd Congressional hearing. You can watch it RIGHT HERE
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