Online Gambling Receives Big Break Since House Panel Approval
For 5 years now, Rep. Barney Frank and his supporters have been trying to overturn the UIGEA bill. This bill made it illegal for banks and credit card companies to transfer funds to online gaming companies, therefore making online gambling even more of a risk. Yesterday marked a breakthrough in the online gambling world for US players and the groups trying to make things happen.
The next journey for Rep. Frank, who has been aggressively working to overturn this law, is to bring the recently approved legislation to the House Democratic Leadership. Inside the House Financial Services Committee, the legislation was voted 41-22 in support of legalizing online gaming within the USA. This would allow US players to gamble online and operators to offer gambling online without fear of prosecution.
One thing remains certain, any current violators of the UIGEA bill will face major difficulties in acquiring licences, if the ability to acquire one at all, to do business here in the US. Some of the largest online gaming sites are still accepting US players and ignoring US laws.
If you play on sites such as PokerStars.com and Fulltiltpoker.com, you may be playing with fire. Although these companies operate outside of the US, by still allowing US players to use their sites will not only directly affect their business, but the players as well. On a good note, many of Las Vegas Casinos that have steered clear, staying in compliance with the US government, are just sitting, watching, and waiting for the moment they can break on through to the online world.
Other than the current violators of the bill are major concerns regarding taxing, minors, and addiction. The taxing of online gaming sites can result in billions over the next 10 years. How will be able to detect minors gambling online? And more importantly, what state will become of families if addiction takes hold?
These questions any many more have been raised by Rep. Spencer Bachus of Alabama, stating “It’s incredulous that we would open up casinos in every home, every bedroom, every dorm room, IPhone, Blackberry, etc.” The truth is, it is already this way, putting this in the hands of a regulation will greatly benefit us all. US based companies can be regularly monitored and taxed much easier on American soil.
Wednesdays victory still comes with ties. Even though the bill is before the house, it will likely be be added into another bill in order to be passed.