 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.
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