April 26, 2007 Breaking News – Representative Barney Frank today introduced the Internet Gambling Regulation and Enforcement Act of 2007. This act would create an exemption to the ban on online gambling for properly licensed operators, allowing Americans to lawfully bet online as reported by Gambling911
The IGREA establishes a federal regulatory and enforcement framework to license companies allowing them to accept bets and wagers online from individuals in the U.S. to the extent permitted by individual states, Indian tribes and sport leagues. All such licenses would include protections against underage gambling, compulsive gambling, money laundering and fraud.
The Congressman believes his legislation will raise billions of dollars in taxes that can be earmarked for healthcare and other domestic legislation. Talking to reporters yesterday Mr. Frank said “It’s a terrible idea and there are a large number of people who think it is a terrible idea,” “I don’t know how it ends. The worst that happens is that enough anti-gambling busybodies will be less inclined to interfere in people’s lives.” “The existing legislation is an inappropriate interference on the personal freedom of Americans and this interference should be undone,”
Although brick and mortar casinos and other forms of legalized gambling already exist in nearly every state, the UIGEA left Americans who gamble online without meaningful consumer protections. Representative Frank’s proposed legislation would institute practical and enforceable standards to bring transparency to Internet gambling and provide consumers the protections they expect and deserve.