Rep. Barney Frank outlines his online
gambling bill
In a press conference
today Congressman Barney Frank (D-Mass) explained the basics of
the online gambling bill he is introducing to the Congress.
The bill titled Internet
Gambling Regulation and Enforcement Act of 2007 aims to repeal
the current anti-online gambling law, and basically focuses on
licensing, taxation and regulation of some forms of online
gambling.
According to the bill,
online gambling companies would apply for licensing by the US
Government and would have to ensure that minors do not have
access to the gambling website, fraud protection, proper
corporative structure, and taxes and licensing fees paid.
US licensed online
gambling companies would be allowed to operate to the extent
allowed by individual states and Indian tribes could also
operate their own online casinos. However, each state has the
right to outlaw online gambling locally.
The future bill would
still hold sports betting on the Internet illegal.
Read our analysis of the bill.
04/26/2007
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