Legalization of Online Gambling

Barney Frank's bill to legalize online gambling, thus overturning the existing UIGEA law, was approved by the House committee. In a 42-21 vote in favor of the measure, the legalization of internet gambling is not yet set in stone. The bill still has to go before the House and the Senate for a vote. The new legislation would regulate US-based sites. Here are some of the amendments to the bill that would become part of a new law should it pass:

• Players cannot use credit cards to fund their casino accounts. Debit cards and prepaid cards would be acceptable.
• The licensing and regulating of online gambling sites will be taken over by the Treasury Department.
• Advertising that targets minors will be illegal. Minimum age for players would be raised to 21.
• Sports betting online will be illegal.

This bill is far from becoming legal. Congress has to take it up and vote on it before the house session ends, and then it would have to be voted on by the Senate. If the bill is not voted on this year, Mr. Frank would have to begin the process again next year. We will keep you informed as this new bill makes its way to becoming law.