Reaching this milestone illustrates that momentum is growing for a shift in US policy and a rewrite of US Internet gambling laws," said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative.
"The list of supporters will continue to grow as more representatives are educated on the subject and increasingly hear from their constituents that Internet gambling regulation presents the only viable way to protect consumers, since attempts to prohibit the activity have completely failed. We also expect an increased spotlight on Internet gambling as a way to augment federal revenues and help cover the cost of necessary policy initiatives," Sandman added.
Among the bipartisan group of 50 co-sponsors are many senior ranking representatives, including George Miller, chairman of the Committee on Education and Labor; John Conyers, chairman of the Committee of the Judiciary; Charles Rangel, chairman of the Committee on Ways and Means; Edolphus Towns, chairman of the Committee on Oversight and Government Reform; Pete King, ranking member of the Homeland Security Committee and Ron Paul, vice-chairman of the Oversight and Investigations subcommittee.
Representative Barney Frank’s bill would establish a framework to permit licensed gambling operators to accept wagers from individuals in the US and mandates a number of significant consumer protections, including safeguards against compulsive and underage gambling, money laundering, fraud and identify theft.
Additional provisions in the legislation reinforce the rights of each state to determine whether to allow Internet gambling activity for people accessing the Internet within the state and to apply other restrictions on the activity as determined necessary. The legislation also would allow states and Native American tribes with experience in regulating gambling to play a role in the regulatory process.
An analysis shows that collecting taxes on regulated Internet gambling would allow the US to capture much-needed revenue in an amount ranging from us$ 48.6 billion (excluding online sports gambling) to us$ 62.7 billion (including online sports gambling) over the next decade.