Barney Frank Releases Two New Bills Regarding Online Gambling
Perhaps Wednesday morning of this week will mark a day in online gambling history for the US. Barney Frank who is the Finance representative for the US Government has released two new bills that will aim to govern all of the online gambling landscape within the US.
Players and online casinos are anxiously waiting for the bills to be passed in order to get the ball rolling and get involved.
Important to note are the points that these bills cover. While the aim is to legislate online gambling in the US and permit all the factors surrounding online casino it will still have quite a few governing factors attached to the premise.
In the first bill by Frank, points out that since other forms of gambling are allowed and permitted throughout the country in various forms, not allowing players to gamble online takes away the rights that Americans have and makes laws and rules inconsistent.
The second bill delays the UIGEA from taking place and prevents certain policies that have yet to be established and fully reviewed by congress.
The first bill allows the Department of Treasury to license and also mandate all internet gambling activity as well as approve or disprove. Those that are looking to apply must have a clean criminal record, great credit, as well as any other financial and corporate requirements that govern any well run business.
Frank made sure that they bill include a direction for any wins or payouts and made sure that they were taxed before they were paid out to the winner in order for IRS to have all information about any and every transaction that may occur.