Online Casino Regulations Gaining
Politicians continue to consider regulations and oversight for
the ever expanding online casino gambling industry. Rep. Jim McDermott
(D-Wash.) is pushing Rep. Sander Levin to schedule a markup session
for the Internet Gambling Regulation and Tax Enforcement Act of
2010 (IGRTA). Rep McDermott’s tax bill is a companion bill
to Rep. Barney Frank’s legislation that would create a licensing
and regulatory framework for online gambling. Frank’s bill
was passed by the House Financial Services Committee last month.
Even though Levin, who chairs the House Ways and Means Committee,
has not decided if McDermott’s tax bill should be marked up
and passed, another powerful Democrat has indicated for the first
time that he is willing to consider limited online gambling legislation.
The Reno Gazette-Journal reported that Senate Majority Leader Harry
Reid is willing to support legislation that would regulate online
poker, and only online poker. Reid told casino executives of his
new position at a meeting last week. This would be the first time
Reid has publicly supported any form of online gambling. He is also
the highest ranking Democrat to support a form of online gambling.
Frank’s bill takes on a more expansive view of online gambling
than Reid does, his legislation would license online poker, online
casinos and online bingo, but sports betting would still be illegal.
You may ask why such strong opposition to online gambling, well
internet gambling makes it difficult to track the flow of money.
Therefore the government would have a tough time collecting taxes.
Although land based casinos are legal in certain areas of the U.S.,
online are not. Regulations continue to become more rigorous as
time goes on.
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