Senate Moving Toward Introduction of Online Gambling Regulation

As yet another Senator places a proposal before the Congress in an attempt to get online poker taxed and regulated in the USA, American's must be pleased. It is estimated that of the 16 billion dollars wagered internationally online, half of it was wagered by those living in the United States of America. Using the argument that online poker is a game of skill and not on of simple pure chance, online poker players in the USA have been quite vocal in their disagreement with the treasury departments in the various states and with the national government itself. In a new bill sponsored by Democrat Robert Menendez of New Jersey, it is estimated that in access of $3 billion dollars could be raised in annual revenue through the government licensing and regulating of online poker.

It is Menendez’s argument that bringing Internet poker out of the shadows and putting it in the light of the law, will create the opportunity to help the economy while at the same time protecting families. He says that by bringing these games of skill into the mainstream, billions in revenue can be generated to assist businesses and the treasury during these difficult financial times.

The bill being presented by Menendez would put into force a five year renewable licensing that would be required in order to operate online gambling web sites. Power would be assigned and allocated to the Treasury department to deny licenses to any potential online gaming operators felt to not have met stated criteria for honesty, integrity, experience and financial capability. According to the law being presented by Mr. Menendez’s, online gambling sites will also be required to enforce age and residence verifications and other safety precaution nets to battle and combat money laundering and the possibility of fraud.

If there are states or Native areas that choose to not want to be a part of the new regulated system, they will be considered illegal and business from these areas most be refused. Menendez adds that in his opinion what is particularly crucial are the safety benefits of the bill. He notes that parents are very concerned with regard to their children falling prey to illegitimate gaming sites and that there are thousands of Americans who have been robbed of millions of dollars by these sites. He concluded that with the imposition of proper regulations, it will be possible to prevent minors from playing poker online. In addition to this it will make possible a crackdown on predatory operations and the sanctioning of the legitimate ones.

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