Flag of the United States
A new bill, put forward by Congressman Barney Frank, which could legalise online gambling in the United States will today be heard by the Financial Services Committee. According to the proposed measures, online gambling websites, ranging from online casinos to poker rooms, would have to operate within an established regulatory framework and would have to be licensed by the government. It’s believed that legalising online casinos in the United States could create billions of dollars of revenue for the cash-strapped government.
While the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed in 2006, the legislation, which means that banks cannot transfer funds relating to online gambling, was only introduced a few weeks ago. Patrick Keefe of the Credit Union National Association informed the technology website PCWorld.com that the legislation has proven to be a nightmare for financial institutions, as the government hasn’t provided details on what constitutes an illegal online gambling website.
Those who oppose the UIGEA would like to see the regulation scrapped, but admit that the bill would be hailed as a success if it led to a clarification of what is meant by the term “unlawful internet gambling transactions”. The bill will face a public hearing at the Financial Services Committee, in Washington D.C, at 2pm (EDT).
