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House Financial Services Committee Approves Legislation to Legalize Internet Gaming

 

July 28 - The House Financial Services Committee has passed legislation to enable Americans to bet online and put an end to an inappropriate interference with their personal freedom.  H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States. The legislation comes in response to the enactment of Unlawful Internet Gambling Enforcement Act, which restricted the use of the payments system for Americans who gamble online.

H.R. 2267 protects the freedom of adults to spend their money as they see fit, while providing appropriate consumer protection.  The bill, which licenses and regulated online gambling, requires licensees to take appropriate safeguards to prevent fraud, money laundering, underage and compulsive gambling.  As amended, it contains additional, strong protections to prevent minors from gambling online; prevents inappropriate online advertising targeted toward underage or compulsive gamblers; clarifies the effect of this act on Indian tribes; requires consultation with tribes in implementation; prohibits licensees from accepting bets or wagers from persons on the self excluded list of compulsive gamblers and persons delinquent with child support payments; prevents the use of a credit card to gamble online; clarifies an exception for intrastate and intratribal online lotteries; prohibits sports betting;  requires that players set financial loss limits; strengthens regulatory requirements re: integrity and fairness; bans violators of federal and state gambling laws from obtaining a license; and requires a substantial U.S. presence as a condition of obtaining a license.

SUMMARY OF INTERNET GAMBLING REGULATION CONSUMER PROTECTION & ENFORCEMENT ACT OF 2009 (H.R. 2267)

SUMMARY         
  
The Internet Gambling Regulation Consumer Protection & Enforcement Act would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the U.S., on the condition that they maintain effective protections against underage gambling, compulsive gambling, money laundering and fraud, and enforce prohibitions or restrictions on types of gambling prohibited by states, and Indian Tribes.

LICENSING

This bill would provide the Department of the Treasury with the exclusive authority to establish regulations and license Internet gambling operators. License applicants would be:

ENFORCEMENT

This bill would provide Treasury the authority to revoke or terminate the license of any operator who fails to comply with the billís provisions. Violators could be fined or imprisoned for up to five years, or both.

SAFEGUARDS AND PROTECTIONS

Any Internet gambling operator receiving a license would be required to have the appropriate safeguards in place to:


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