RSS: Casino News Feeds

Frank Promises Online Gambling Bill Will Clear Busy Committee

Despite pressures for the House Financial Services Committee to devote its attention to economic reform, the online gambling regulation bill will have its time, says Barney Frank.

Even before Barney Frank produced this year's version of his bill regulating online gambling, a cautionary word was being circulated about how soon Congress could address the issue, due to the extraordinary breadth of the economic material to be reviewed first. Now, Frank faces a mass of recession recovery legislation to discuss in the Financial Services Committee before discussion of online casino regulation can begin.

Still, Frank is gathering supporters for the bill, and promises that the proposal will have its time in committee, so that it will advance to the full House this year.

“We’ll get it done,” the Massachusetts Representative said.

Thirty-four Congressmen have signed on as co-sponsors to the Internet gambling legislation since its introduction two months ago. And since the bill was proposed, headlines have been made by European Union demands that the US drop its online casino ban, and by overzealous federal officials illegally grabbing online poker bank accounts.

The poker seizure in particular seems to have mobilized support for Frank and his measure. Representative Shelley Berkley said the move by the Department of Justice “shows the inappropriate excess of government power.”

“It was a terrible idea,” Frank said of the account seizures of online poker winnings. It marked the first time the US government had moved directly to injure residents participating in online gambling, something authorities had avoided to prevent the grass-roots swell for Internet gaming now occurring.

Published on June 22, 2009 by JoshuaMcCarthy

Help Spread the News

Email This Article to a Friend Digg this Article Bookmark this Article with Delicious Send this Article to Reddit Share this Article on Facebook Send this Article to Newsvine

Read Related Online Casino News Articles
CryptoLogic Keeps Marvel Comic Characters at Online Casinos
Betfair Online Casinos Found Not Liable for Forum Comments
Kentucky Strikes Back with Supreme Court Online Gambling Brief
Antigua Online Casino Regulators Under Stanford Shadow
China Tells Google to Block Porn, Online Gambling Next?

Recent Comments

Posted by: Ray GraceWhen: 08/08/2009 08:57:56 AM EST
Online Gaming regulation solution

WebPicID verifies the identity of online customers.
Identity theft losses are eliminated.
Organizations using WebPicID are compliant with KYC and AML regulations.

Allow any online gaming site to apply for a federal licence in every country that it wants to operate.
They must have a bank account in the country to hold funds belonging to players.
They pay income tax based on the revenue from revenue generated for that country?s citizens.
They must provide a list of the beneficial owners of the gaming site.
Update this list within 1 week any time changes are made
They must provide a list of the directors of the corporation that owns the gaming site.
Update this list within 1 week any time changes are made
A list of the websites the organization operates.
There is a fee per website and a licence for each website.

All payments purchasing chips or casino credits are subject to a luxury tax.
The tax rate % can be decided by the government.
Historically; individuals who gamble online will easily pay a 5% currency exchange fee for chips.
A 5% luxury surcharge tax would be taken in stride.
Divide the luxury tax between the provinces and the states that sign on to the online gaming act agreement as follows
50% to the federal government
15% to all of the states and provinces equally not on a per capita basis
If you have 50 states each state get 1/50th or 10 provinces and 3 territories then they each get 1/13 of the revenue.
15% to the states and provinces and territories that sign the online gaming act agreement for each resident that gambles.
10% to the department that regulates and over sees the gaming industry.
10% to the country of foreign nationals that agree to a reciprocal agreement with the federal government.
If the country of the foreign national is not a participant they the funds are held by the federal government and disbursed annually internally to the federal and state or provincial governments.
The process for identifying players

VISA and MasterCard credit cards can be used by anyone one with the card.

For AML purposes the online casino must verify the identity of the individual making a purchase every time.
Yes this will slow don the process.
It will not lose any customers that the casino wants and all casinos must be compliant.

Anyone can get a credit card; the basic or primary card holder just adds a name for a supplementary card holder.
This person does not need to exist and can be a pet in some cases.
ID is not shown to the credit card company when the person applies for the card.
This is the easiest way to launder money.
In Canada credit cards are exempt from FINTRAC reporting and identification guidelines.
In other countries there are no guidelines about identifying credit card users.

The idea is to avoid the embarrassment of a 14 year old wining a $1 million dollar online poker tournament.

The customer must prove their identity every time the make a purchase.

WebPicid.com provides this service and eliminates losses due to Identity Theft


Post A Comment

*Your Name:
*Your Email:
*Character Verification:Random Letters and Numbers
 
*Comments: