House Financial Services Committee Approves Internet Gambling Bill

by Lou on July 29, 2010

The House Committee on Financial Services approved HR 2267, Rep. Barney Frank’s Internet Gambling Regulation and Consumer Protection and Enforcement Act.  This bill, which passed by a 41-22 vote, would regulate internet gambling activity in the US and require licensed operators to put in place safeguards to protect against underage and problem gambling.

Chairman Frank’s legislation, introduced in May 2009, would establish a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the US.  The legislation reinforces the rights of each state to determine whether or not to allow online wagering within that state and to apply other restrictions on the activity as determined necessary.

As a companion to Rep. Frank’s bill, HR 4976, the Internet Gambling Regulation and Tax Enforcement Act of 2010 introduced by Rep. Jim McDermott (D-WA), would ensure the collection of license fees and taxes on regulated Internet gambling activities.

According to a Joint Committee on Taxation tax revenue analysis, regulated internet gambling is expected to generate as much as $42 billion in federal government revenue over its first 10 years.  Additionally, a recent analysis by H2 Gambling Capital predicts that online gambling regulation would create as many as 32,000 jobs over its first five years.

An amendment by Rep. John Campbell (R-CA) was approved to further strengthen the legislation’s consumer protections, including a requirement for licensed operators to have each customer choose his or her loss limits before being able to play on-line.

The legislation has the support of 69 bi-partisan co-sponsors.  Support for the legislation was also announced last week by the U.S. Chamber of Commerce, the Financial Services Roundtable, and the National Association of Federal Credit Unions.

“The Committee’s bi-partisan vote to approve Chairman Frank’s legislation is nothing short of historic,” said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative.  “With Congress bitterly divided and only a handful of bi-partisan bills coming out of the Financial Services Committee, we’re pleased Committee members from both sides of the aisle were able to come together to advance this important legislation.”

{ 2 comments }

Lou September 5, 2010 at 2:52 pm

So which two players would you select?

Lou September 11, 2010 at 4:36 pm

I guess I’d choose McEvoy and Johnson. Harrington is clearly a candidate, so I’d vote for him next year.

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