Industry Leaders Root for Online Gambling
In the hearing on July 21 for Barney Frank’s bill, HR 2267, before the House Committee on Financial Services the leaders from different sections of the industry spoke in one voice in favor of online gambling being legalized and regulated.
Ed Williams, member of the Board of Directors of the Credit Union National Association, represented the financial services sector that manages the financial life lines for online gambling. He described the challenges faced by financial services companies in complying with burdensome UIGEA rules. These rules put the onus on financial companies for preventing unlawful Internet gambling transactions. Williams testified that H.R. 2267 would promote “…regulatory simplicity while assisting financial institutions compliance with UIGEA.”
Annie Duke is one of the most respected poker professionals in the country. Though she spoke for the online poker players she voiced the views of all online players including online casino players. She said that American poker players would prefer to play on sites licensed in the United States rather than at offshore sites. She was sure the regulation proposed in the HR 2267 would provide even greater consumer protection. At the same time regulation and taxation of online gambling would provide much needed revenue.
Today there are many Congressmen who have not yet taken a stand on the legalization and regulation of online gambling in America. Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative, addressed them by saying. “Lawmakers who have not yet taken a position on this issue should realize that their constituents are likely among the millions of Americans who wager online despite attempts to prohibit the activity. Members would best serve their constituents by accurately representing their interests and supporting Chairman Frank’s bill.”
Though no official announcement was made it is expected that a vote on this bill in the House Committee would be held early in August 2010.
