New Proposed Bill Could See Online Gambling Legalized In The US

Lawmakers in the States proposed a new piece of legislation Tuesday which could see Internet gambling being regulated and operators charged a 2% licensing fee on all monthly deposits.
The Bipartisan Tax Fairness and Simplification Act of 2010, or S3018 as it is called, was introduced to Congress by Democratic Senator Ron Wyden and Republican Senator Judd Gregg. Although the bill is specifically designed to simplify the country’s tax code and number of income tax brackets, legislation related to online gambling is wrapped up within the overall package and is seen as a way of reaching across party lines and arriving at a compromise before being debated in the Senate.
Following the proposal, Safe and Secure Internet Gambling Initiative spokesman Michael Waxman commented: “With so much media focus on the differences between Democrats and Republicans in Congress, this bipartisan initiative highlights the growing support on both ends of Capitol Hill for replacing the failed prohibition on Internet gambling with a system to regulate the industry, protect consumers and generate billions in new revenue.”
A Joint Committee on Taxation analysis found that the US government could benefit from the projected $42 billion generated over 10 years from regulated Internet gambling. Much of the internet gambling provisions in the new bill are similar to legislation introduced by Chairman Barney Frank and provides guidelines for regulation and taxation of the internet gambling market. Included in the proposed bill is the statement:
“Internet gambling in the United States should be controlled by a strict Federal licensing and regulatory framework to protect underage and otherwise vulnerable individuals, to ensure the games are fair, to address the concerns of law enforcement and to enforce any limitations on the activity established by the States and Indian tribes.”
It is hoped that new bill will win the approval of the Senate and the Poker Player’s Alliance (PPA) have already given it the thumbs up, with John Pappas commenting: “We’re pleased with it. The prospects of this legislation are unclear. This is a sign of things to come, perhaps seeing internet gambling being added as pay-for in other bills.”