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Senator Robert Menendez, Democrat from New Jersey, introduced legislation earlier this week that would allow federally-regulated online poker and other games of skill.
Menendez’s bill is designed to raise revenue while protecting families through a crackdown on predatory Internet gaming sites that target minors and take advantage of their customers.
Under this new legislation, gaming companies will have to undergo a thorough review by the Treasury Department including an analysis of the financial condition of the applicant, business record, and background checks.
“Pulling Internet poker out of the shadows and into the light of the law, we have the opportunity to help our economy while protecting our families,” Menendez said. “By bringing these games of skill into the mainstream, we can generate billions in revenue for businesses and the Treasury during these tough times.”
House Financial Services Chairman Barney Frank has proposed such a bill and it is now gaining more and more strength in the House of Representatives.
Experts have estimated that the taxation and regulation of Internet gambling could more than $3 billion in annual revenue.
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