Financial Services Committee Chairman Barney Frank (D-MA) has introduced legislation that would allow Americans to bet online and end a 3-year-old ban on Internet gambling.
The Internet Gambling Regulation, Consumer Protection, and Enforcement Act would create a federal regulatory and enforcement framework allowing Internet gambling operators to obtain licenses to accept wages from people in the United States.
A bill that would repeal the U.S. ban on online gambling is set to be introduced next week by U.S. Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee.
Online gambling could generate $52 billion in revenue in the U.S. over the next ten years if the three-year-old ban on Internet gambling was lifted and the government taxed the industry, according to a recent study from PricewaterhouseCoopers.
Online gambling could generate $52 billion in revenue in the U.S. over the next ten years if the three-year-old-ban on Internet gambling was repealed and the government taxed the industry, according to a new study.
The study by accounting firm PricewaterhouseCoopers could influence Congress to lift the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA).
Though Representative Barney Frank has gotten most of his attention due to his role in handling the economic crisis, the chairman of the House Financial Services Committee is also known for his nearly lone opposition to the Unlawful Internet Gambling Enforcement Act, almost unanimously passed in late 2006. Frank is holding steady on that opposition and, according to Reuters, will introduce legislation next month to repeal that law.
The Bush Administration is working to finalize regulations to enforce a ban on Internet gambling despite concerns raised by banks calling the regulations ambiguous, burdensome and unlikely to stop Americans from gambling online.
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