Financial Times Article Concludes Momentum is Building to Regulate Internet Gambling
This is an issue of the Safe and Secure Internet Gambling Initiative’s Public Affairs Newsletter; an update on legislative and media activity about regulating Internet gambling.
Financial Times reports (“A better hand“) that support is growing for the regulation of Internet gambling. “Industry experts think the new Congress will respond more favorably to renewed efforts by Democrats, notably Mr. Frank, to allow regulated online operations. The administration of President Obama, while unlikely to advocate that change, is expected to play the role of passive bystander.” The article points out that the Bush administration, motivated by a desire “to appease the religious right,” pushed through hastily written, burdensome and unrealistic prohibitions on Internet gambling that only serve a purpose of harming American consumers and burdening an already overloaded and struggling U.S. financial institutions tasked with enforcing the rules.
Chairman Barney Frank to Reintroduce Legislation to Regulate Internet Gambling
Financial Times published an article (“New move to legalize online gambling“) on the determination of House Committee on Financial Services Chairman Frank to not only regulate Internet gambling but to also roll back President Bush’s “midnight rules” that force banks and other payment processors to police Internet gambling activity. According to the article, Chairman Frank plans to reintroduce legislation in the next few weeks that would put in place practical and enforceable standards to bring transparency to Internet gambling and provide consumers the protections they expect and deserve when gambling online. The bill also requires licensed operators to protect against compulsive and underage gambling, money laundering, fraud and identity theft. Further, the article stated, “Mr. Frank said he also expected anti-gambling regulations, rushed through in the dying weeks of the Bush administration, to be included among the measures Congress will look to rescind.”
Super Bowl Report: Internet Gambling Flourishes Despite Prohibition
Several articles highlight how millions of American go online to wager on sports, including the Super Bowl, and other games despite attempts the prohibit the activity. It is estimated that more than $10 billion in wagers on the Super Bowl were made online worldwide, legally and illegally, according to Pregame.com.
* “Despite law, computer bets beat the odds,” Pittsburgh Post-Gazette
* “Super Sunday still remains major gamble,” Tulsa World
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