Internet Gambling Regulation, Consumer Protection and Enforcement Act

Written by Touret Williams | 30 July 2010

Internet Gambling Regulation, Consumer Protection and Enforcement Act: Stammering the industry the H.R. 2267 bill may put some Las Vegas lights out. An industry that thrives on the public gambling frenzy and its repeat customers may see a drop in revenue as the online world expands to licensed gambling.

The H.R.2267, bill would allow gambling sites to obtain licensing for accepting bets. Although the restrictions and regulations will be under strict governmental supervision. Which in many ways could hamper the gaming industry. The restrictions will involve criminal background checks, Financial condition reports and stability, along with all aspects of running a business in accordance with the U.S. Government Guidelines.

This bill could squash the UIGEA (Unlawful Internet Gambling Enforcement Act). An act passed in 2006 that has prohibited the transfer of funds to and from a financial institution to an Internet gambling site. This is a positive for the industry because it would allow back transfers to multiple payment institutions.

This bill would protect the consumer as well with strong regulations for the online gambling companies. They would be held responsible for all aspects of legal gambling, underage gambling, compulsive gambling, money laundering and fraud, and enforce prohibitions or restrictions on types of gambling prohibited by states, and Indian Tribes.

This bill if passed will most likely spur the next bill in which the government will begin applying taxes to the industry. It has been stated by Rep. Jim McDermott (D., Wash.), that it would generate a revenue of 42 billion dollars in ten years. Think of the considerable dent that would make in our national deficit. As for the wagering individual, this would be the time to keep those online receipts and get ready to write off your online losses. Because the odds are... YOU'LL BE TAXED!