Online Gambling News the way they are!
   Web        OGpaper portal          
Politicians sponsor online casino investigation

There have been recent attempts in the past few months by United States’ politicians aiming to curb the internet gambling industry, and shares of online casinos are entering a dangerous period on various stock markets. News about regulation of net gambling portals is a hot topic, and investors in online casinos as well as industry executive are monitoring the fluctuations in the industry and the new news coming out about online casinos.

A committee of the House of Representatives in the US passed Congressman Jim Leach’s proposal which would consider online casinos unlawful in the United States. The bill is designed to hit online casinos in the pocket, to “cut the money flow from gamblers to internet sites by prohibiting the use of credit cards, checks and fund transfers to be used to settle wagers.”

The threat of these new bills and laws hurting online casinos sent shares online casinos down, obviously. With the recent news to regulate the online casinos industry coming out of the U.S., investors are obviously weary.

Many major online casinos are based in offshore tax nations where they are able to offer online casinos and online sports betting sites over the internet to American Internet users.
Under the Wire Act, the United States Justice Department considers online casinos to be illegal. The act also does not allow wagers on “sporting events.” Nevertheless, the act has failed to strictly enforce the regulation of online casinos. The threat to online casinos still looms however, and many politicians are taking the online casinos issue very seriously.
42 US politicians have already endorsed Nevada Rep. Jon Porter's initiative in proposing a Congressional investigative committee to examine online gambling instead of repeatedly trying to stop it.

Porter has introduced the Internet Gambling Study Commission Act, which establishes a commission to examine the impact of online gambling.

Nevada Reps. Jim Gibbons and Shelley Berkley are original co-sponsors of the bipartisan legislation, which amazingly would result in the first political study of its kind.

“With technology constantly evolving, we need a much better understanding of online gambling before Congress makes any rash decisions about its future,” Porter said in a prepared statement. “By establishing a bipartisan, independent study commission, we'll make sure we have all of the facts laid out on the table before considering any possible next steps.”

The legislation seeks to establish a bipartisan Internet Gambling Study Commission consisting of nine appointed members.

“Today, gambling has extended into new outlets and can be easily accessed through the Internet,” Gibbons said in a prepared statement. “In order to address this growing trend, and preserve the integrity and fairness of the games, we must conduct a thoughtful examination of the availability of online gaming.

“Restricting the online gaming industry without fully reviewing the potential negative impacts would be a knee-jerk reaction. I commend Congressman Porter for his leadership on this issue and am confident that this legislation will provide a thorough evaluation of Internet gaming,” Gibbons said.




Copyright 2005 © . All rights reserved.