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House Committee on Financial Services Barney Frank has announced his intent to hold a hearing and markup of his legislation to legalize online gaming in the U.S, in the coming months.
Barney Frank and Rep. Jim McDermott introduced the Internet Gambling Regulation and Consumer Protection and Enforcement Act of 2009 back in May and have since gained more than 60 co sponsors.
The bill has caught the attention of Legislation as Congress struggles to find revenue to cover cost associated with health care reform and other critical programs. Analysis of the bill projects nearly $42 billion in revenue generated over the next 10 years, through taxes and license fees. Studies show that Americans currently wage more than $100 billion annually.
Provisions in the legislation allows each state the right to opt out of Internet gambling activity and to enforce additional restrictions as determined necessary by state officials.
Spokesman for the Safe and Secure Internet Gambling Initiative, Michael Waxman, has stated that the results of the tax revenue analysis would encourage immediate discussions and consideration of regulating Internet gambling; Congress has been provided with an incentive to act, acknowledging that attempts to prohibit the activity have failed.
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