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Excellent news for online US gamblers
 July 24, 2007, 7:36 am (4 years ago)For Internet Gambling Regulation and tax Enforcing Act , the safe and secure gambling scheme gas formally declared its support. Congressman Jim McDermott introduced the bill which is designed to create a taxation command for online gambling companies to get licensed under the internet gambling regulation and enforcement act. This has been just introduced last week by congressman Barney Frank.
All citizens of US will be allowed for legal online gambling under the regulation of internet gambling world and protect the freedom of individuals to use internet as they want. It will also generate a large number of needed fund that is essential for operating government programs from license revenues. It is expected that about $6-25 billions in the first five years of enforcing the law. Additionally the act will prevent underage gambling, identity theft, problem gambling, fraud and money laundering.
The licensing legal responsibility will enforce the gambling operators to have a license from the Financial Crimes Enforcement Network (FinCEN). Moreover a license holder will have to pay 2% a charge of 25 of all finances deposited by a player stakes online. This payment will make the license holder not the person placing a bet, so it directly takes an effect to the player.
There is also some negative impacts. Jeffrey Sandman explained the act as the Americans should not be told what they allowed or not allowed to don in internet. Not only that, restricting a popular, recreational activity may result loosing a lot or revenue of US government.
For regulate internet gambling and make it safe and secure Internet Gambling Initiative is now assembling massive support nation wide. All us players and operators are encouraged to start over with a lawful and fare online gambling.
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