Congressman John Campbell (R-CA) along with with Congressman Barney Frank (D-MA) introduced today The Internet Gambling Regulation, Consumer Protection, and Enforcement Act was introduced in the House today.
The bill would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States.
The legislation comes in response to the enactment of Unlawful Internet Gambling Enforcement Act (UIGEA), which restricted the use of the payments system for Americans who gamble online.
“The bill is identical to H.R. 2267 that was passed out of the House Financial Services Committee on July 28, 2010 with bi-partisan support.”
“This legislation, which licenses and regulated online gambling, requires licensees to take appropriate safeguards to prevent fraud, money laundering, underage and compulsive gambling.”
“It contains strong protections to prevent minors from gambling online; prevents inappropriate online advertising targeted toward underage or compulsive gamblers; clarifies the effect of this act on Indian tribes; requires consultation with tribes in implementation; prohibits licensees from accepting bets or wagers from persons on the self excluded list of compulsive gamblers and persons delinquent with child support payments; prevents the use of a credit card to gamble online; clarifies an exception for intrastate and intratribal online lotteries; prohibits sports betting; requires that players set financial loss limits; strengthens regulatory requirements re: integrity and fairness; bans violators of federal and state gambling laws from obtaining a license; and requires a substantial U.S. presence as a condition of obtaining a license.”
I don’t need to tell anyone how much more valuable all gambling domains will become if online gambling becomes legal in the US.
Certainly anyone with any domains in this vertical should follow the bill closely.