UIGEA - Will It Make Online Gambling Legal In USA?

It is truly commendable that Barney Frank, Chairman of the United States’ House Financial Services Committee, has been the vanguard for trying to legalize and regulate Internet gambling in the United States of America. Recently Frank, once again, introduced legislation in the Congress which looks at legalizing Internet gambling. Frank also stated that through this legislation he wants to reverse the Unlawful Internet Gambling Enforcement Act (UIGEA).

The new legislation is called - The Internet Gambling Regulation Consumer Protection & Enforcement Act. With reference to the legislation Frank stated that, “This new Act proposes that new Internet gambling licenses are issued that would enable Americans to bet online and put an end to an inappropriate interference with their personal freedom”.

“The U.S. Treasury Department would have the power to establish regulations and give out licenses to Internet gambling companies that qualify. The Treasury Department would also have to power to revoke licenses.” – Frank further stated.

For every company who seeks to obtain a gambling license, the new legislation will make it very strict as one would have to go through a strict background check. Only Internet gambling companies that are honest and have integrity, along with good legal and financial standing, would be considered for a gaming license.

Gaming operators will have to have sufficient expertise in online gambling and sufficient financing to take bets and the systems and technology in place to combat money laundering and fraud, enforce relevant federal, state and Indian tribal laws including tax collection on bets, and to protect children and problem gamblers.

Many opponents of Internet gambling in the US cite gambling by minors, fraud, identity theft, and problem gambling as the main reasons why gambling online remain illegal. But, Frank is hopeful that the new legislation will take all of these aspects of online gambling into consideration.

Written for Online Keno by Joy