Internet Gambling Control Act drafted by Sheldon Adelson

The three-page Internet Gambling Control Act is still a work in progress that would require quite a few revisions before being introduced before federal lawmakers. The proposal takes aim at online poker by specifying that games "predominantly determined by the skill of the players" in addition to "games in part or predominantly subject to chance" would be verboten.

The Las Vegas Sands CEO has in mind that federal legislators should "restore long-standing United States policy that the Wire Act prohibits Internet gambling to give Congress and the public time to fully examine the issues surrounding Internet gambling, including the potential for money laundering, fraud, terrorism financing, cyber-crimes and participation by minors," states the draft proposal.

The 52-year-old Wire Act was enacted decades before the Internet came to be and was intended to outlaw wagers made via telephone. The DoJ's 2011 clarification allowed states to offer online poker and gambling, which New Jersey, Delaware and Nevada have done.

Several more states may follow this year in a possible domino effect that could spread Internet gambling rather quickly in comparison to the pace seen up to this point. That is what Adelson is trying to prevent. The 80-year-old has gone on record as saying that money is no object when it comes to protecting society from the dangers of online gambling.

The proposed bill is still in the final stages and will require certain revisions before it is introduced to lawmakers. The copy published shows that Adelson is particularly speaking about online poker and wants legislators on a federal level to change the Wire Act to be restored. With the restoration of the Wire Act, the draft states that ‘Congress and the public’ would have more time to examine the issues that surround online gambling, which includes the following: (according to the draft)

Money laundering

Fraud

Cyber-crimes

Participation of minors

Terrorism financing

With the New Year and a few months of online gaming in action, more states are beginning to consider the option. Adelson is trying to prevent any other individual states from joining the three already embracing online gaming.

On other news, Sheldon Adelson is the world’s biggest gaming magnate, with a net worth of USD 39 billion, according to Forbes. Among the biggest movers in the top 15 gaming tycoons are investors in other Macau-based casino companies. Lui Che Woo, the major shareholder in Galaxy Entertainment Group, has doubled his paper fortune in the past year to an estimated us$ 21 billion, moving to second place on the list.

Australia’s James Packer, worth an estimated us$6 billion, is ranked third. Packer is co-chairman of Macau-based gaming operator Melco Crown Entertainment with Lawrence Ho Yau Lung.