House Bill Would Allow Internet Gambling...

[RamyGras]

House bill would allow Internet gambling By MARCY GORDON, AP Business Writer
Thu Apr 26, 6:04 PM ET



WASHINGTON - The ban on Internet gambling enacted last fall would be overturned under legislation proposed Thursday by a senior House Democrat, but the bill faces long odds in Congress.

Rep. Barney Frank (news, bio, voting record), D-Mass., chairman of the House Financial Services Committee, said the law preventing the use of credit cards to bet online "is an inappropriate interference on the personal freedom of Americans, and this interference should be undone." More bluntly, he has called the ban "one of the stupidest things I ever saw."

Because traditional forms of legal gambling exist in nearly every state, Frank said, a continued prohibition on Internet gambling for Americans leaves those who choose to gamble online "without meaningful consumer protections." He said his bill includes safeguards to ensure that gamblers are at least 18 years old and live in a jurisdiction that permits online gambling, and to prevent compulsive gambling and fraud.

The $12 billion Internet gambling industry is based outside the United States — most of the companies are British — though about half of its customers live in America.

Supporters of the U.S. ban maintain that Internet betting can be addictive and potentially drain people's savings, a risk they say is especially acute for young people who are frequently online.

Frank acknowledged that the Democratic leadership of the House likely would not support it. The Bush administration also could be expected to oppose the legislation.

The vote for the ban in the House, for example, was 317-93 last year. Lobbying for it were the horse racing industry and professional sports leagues, which argued that Web wagering could hurt the integrity of their sports.

"It should come as no surprise that I fundamentally oppose any attempts to repeal or weaken" the 2006 law, the Financial Services Committee's senior Republican, Rep. Spencer Bachus (news, bio, voting record) of Alabama, said in a statement.

"The overwhelming vote in favor of this legislation reflected widespread public concern over the ill effects of illegal Internet gambling on our youth," he said. "Nothing has changed and I am confident this proposed bill will be rejected."

[RamyGras]

Now, that's what I'm talking about! I'm all for internet gambling. If the government's 3rd main source of income (am i right on this?) is organized lottery, what's the difference here? You're allowed to purchase a ticket at 18, you should be allowed to bet on the Cowboys at 18.

[cubeclass]

Thank god i live in the uk!

[RamyGras]

Thank god i live in the uk!

Yeah, the rules haven't effected the internet gambling, much, if at all. But yeah, I was surprised to learn that most of these sites are operating out of the U.K. I thought it was strictly a shady Central American operation.

[Logan13]

House bill would allow Internet gambling By MARCY GORDON, AP Business Writer
Thu Apr 26, 6:04 PM ET



WASHINGTON - The ban on Internet gambling enacted last fall would be overturned under legislation proposed Thursday by a senior House Democrat, but the bill faces long odds in Congress.

Rep. Barney Frank (news, bio, voting record), D-Mass., chairman of the House Financial Services Committee, said the law preventing the use of credit cards to bet online "is an inappropriate interference on the personal freedom of Americans, and this interference should be undone." More bluntly, he has called the ban "one of the stupidest things I ever saw."

Because traditional forms of legal gambling exist in nearly every state, Frank said, a continued prohibition on Internet gambling for Americans leaves those who choose to gamble online "without meaningful consumer protections." He said his bill includes safeguards to ensure that gamblers are at least 18 years old and live in a jurisdiction that permits online gambling, and to prevent compulsive gambling and fraud.

The $12 billion Internet gambling industry is based outside the United States — most of the companies are British — though about half of its customers live in America.

Supporters of the U.S. ban maintain that Internet betting can be addictive and potentially drain people's savings, a risk they say is especially acute for young people who are frequently online.

Frank acknowledged that the Democratic leadership of the House likely would not support it. The Bush administration also could be expected to oppose the legislation.

The vote for the ban in the House, for example, was 317-93 last year. Lobbying for it were the horse racing industry and professional sports leagues, which argued that Web wagering could hurt the integrity of their sports.

"It should come as no surprise that I fundamentally oppose any attempts to repeal or weaken" the 2006 law, the Financial Services Committee's senior Republican, Rep. Spencer Bachus (news, bio, voting record) of Alabama, said in a statement.

"The overwhelming vote in favor of this legislation reflected widespread public concern over the ill effects of illegal Internet gambling on our youth," he said. "Nothing has changed and I am confident this proposed bill will be rejected."

Just another form of taxation......