Following up yesterday's article, we'd like to report that Congress is introducing two new bills today that would "regulate Internet gambling and ensure that taxes are collected from wagers placed over the Internet." Chairman Barney Frank (D-MA) also announced an additional bill, the Reasonable Prudence in Regulation Act of 2009 (UIGEA).
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The UIGEA would basically shut down the Unlawful Gambling Enforcement Act of 2006 for a year. Another bill, The Internet Gambling Regulation, Consumer Protection, and Enforcement Act, also introduced by Chairman Frank, would act to create a licensing framework for online gambling operators. It also establishes methods by which to take taxes from the gambling revenues, which are expected to be up to $62.7 billion over the next 10 years.
It's early yet, but the bill has enjoyed a great deal of support so far. Considering how much revenue it's expected to bring in, I can't think of any good reason why Congress wouldn't pass this bill. It's not like the government can't use the money. In addition to the billions of dollars (and potentially thousands of jobs) this creates, this legislation would free up tons of money currently being allocated to punishing online gambling offenders.
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Like I said yesterday, I think this bill is the first step towards being able to play poker for real money on our smartphones in the bathroom at work. A whole new addiction is about to sweep the nation, and I look forward to it eagerly.