• Details on Barney Frank's Online Gambling Bill Released

    06 May 2009


    Wow, this looks great. The “Internet Gambling Regulation Consumer Protection & Enforcement Act regulation” (say that 10 times fast!) details were released today, and what this bill proposes is awesome.

    With the safeguards in place (listed below,) I really don’t see how this bill wouldn’t pass with flying colors.

    Key Points include:

    1. The bill proposes issuing licenses to operators who are ‘‘in good financial and legal standing and of good character, honesty, and integrity” and “whose prior activities, reputation, habits and associations do not pose a threat to the public interest or to the effective regulation and control of of the licensed activities.”
    2. Operators will have to demonstrate that they have sufficient expertise in online gambling and sufficient financing to take bets, and that they have the systems and technology in place to combat money laundering and fraud, enforce relevant federal, state and Indian tribal laws including tax collection on bets, and to protect children and problem gamblers.
    3. The proposed licenses would last for five years. Anyone would be able to apply for a license provided they meet the conditions above and that they provide their financial statements, and the criminal and credit histories of directors.
    4. The document proposes that the exact procedures for running background checks will be decided by the Secretary of the Treasury later. The Secretary will be charged with approving and monitoring licensees, and may call on the Attorney General to compel compliance.
    5. The bill would provide Treasury the authority to terminate the licenses of operators who fail to comply with the bill’s provisions, as well as to imprison them for up to five years.

    I especially love #4. I can guarantee you that no rogue operation would even think about applying for a license when they know that their background will be investigated. This will protect players to the utmost extent.

    The rest of the story…

    Related News

    • Big bang  coming for dutch online gaming authority

      Gambling News

      Big Bang Coming For Dutch Online Gaming AuthorityJesse Eddleman28 July 2017

      The online gambling industry in the Netherlands could be getting a big boost. Their regulatory body has recently went into their plans for a push they're calling a "big bang" than would fast-track several companies into getting Dutch online gambling licenses as long as they put in their documentation quickly.

      Read full article
    • Paysafe group hacking update

      Gambling News

      Details From Paysafe Group's 2009-2010 Hacking Released06 December 2015

      In the online gambling world, one of the biggest worries of players is that their personal and financial information will be hacked. That's exactly what happened to some degree with a handful of attacks that happened in 2009 and 2010, and these attacks were investigated in detail. A total of about 3.6 million accounts from Neteller and 4.2 million accounts from Skrill were affected in this data breach. What Information Was Taken?

      Read full article
    • Forbes hacker attack

      Gambling News

      Optimal Payments User Info Possibly Compromised From Old Attack10 November 2015

      Forbes has released a big investigative article that goes into a lot of detail about the attacks against Moneybookers (now Skrill) and Neteller that happened between 2009 and 2010. Those hacks were thought to be fairly harmless at first, but it's come to light that millions of individuals had their data stolen in the breach. This includes password hints for Neteller along with telephone numbers, emails, addresses, birth dates and other information for both. Implications of the Attack

      Read full article