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With the historic passage of HR 2267 through a 41-22 vote, online gambling is one step closer to becoming legalized in the United States. Presently, such businesses must operate offshore with US citizens often finding it difficult to send and receive funds for gambling. The measure was introduced by Congressman Barney Frank (D-Mass)
"The Committee's bi-partisan vote to approve Chairman Frank's legislation is nothing short of historic," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. "With Congress bitterly divided and only a handful of bi-partisan bills coming out of the Financial Services Committee, we're pleased Committee members from both sides of the aisle were able to come together to advance this important legislation."
Amendments to HR 2267 included a provision that would allow customers to determine their individual loss limits before being able to play on-line and protect customers by ensuring the customer privacy and security and protecting against fraud and money laundering.
Fraud protection has long been a top priority of the online gambling sector with many strong platforms being introduced throughout the years by the top companies.
According to a Joint Committee on Taxation tax revenue analysis, regulated Internet gambling is expected to generate as much as $42 billion in federal government revenue over its first 10 years.
"The momentum of today's vote and growing bi-partisan support for online gambling regulation demonstrates to congressional leaders in the House and Senate that this issue is a priority and should be addressed," said Waxman. "Leaving in place a failed prohibition should no longer be the government's misguided policy approach, leaving millions of Americans vulnerable as they continue to find a way to gamble online in a thriving underground marketplace."
The legislation has drawn the support of 69 bi-partisan co-sponsors.
Christopher Costigan, Gambling911.com Publisher
