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FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: yorktown (Moderator)
Date: May 8, 2009 01:27PM

The FULL TEXT of the Barney Frank Bill (HR 2267) proposed to legalize online gaming can be read HERE.

The bill proposes to Amend the Wire Act of 1961,and at the same time repeal the Unlawful Internet Gambling Enforcement Act of 2006.

HR 2267 was submitted to Congress on May 6, 2009. It still has a long way to go.

Since the American Economy is in the crapper, and the US Government is spending money like its coming out of a faucet, tax revenue from this industry should seem plenty alluring.

Let all pull through for this one.


Webmaster
Start Casino .com

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Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: yorktown (Moderator)
Date: May 8, 2009 02:02PM

If my calculations are right, there will now be a RACE between some of the States and the Federal Government to see who approves online gambling first.

If the states approve online gambling first, they end up getting more tax revenue than having to pony up to the US Government to ask for a share of the pie.

This will be very interesting.




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StartCasino.com

Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: AndySS (---.9-203-228.beanfield.net)
Date: May 10, 2009 05:32PM

I think that you are optimistic. What will happen - and almost always do - is that they want to put a comitte together to study the impact, taxes etc.
Next, it will be horse trading to stick in a whole lot of fluff in the bill for special interestes and so on to get enough support.

From that it's out to a vote, expect 18-24 months, imho.



Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: yorktown (Moderator)
Date: May 12, 2009 02:58AM

It took 8 attempts at the Federal Government over a 9 year period to get a Ban on online gambing passed. And it was done sneaky. Friday night/Saturday morning at 2 AM with only 4 or 5 senators in the room.

I am not saying this will get through. Its highly unlikely. But, now the pendulum is finally starting to swing the other way, which is a good sign.

Here's a thought....some of the most profitable online gaming sites taking bets from the USA may seek to lobby against legislation. Regulation will only make their revenues harder to get....hmmm..

The bottom line is the government seriously needs cash. Government expenditure to my understanding is something on the order of USD $4-5 TRILLION to get the economy out of the sink and Obama re-eleceted. The money has to come from somewhere. Taxing online gaming seems awfully enticing now, and probably a fast track item.





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StartCasino.com

Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: yorktown (Moderator)
Date: May 12, 2009 02:59AM

My real point is not the Feds....but the US States.... They will want their hands in the till before the Federal Government does. Some states should now reconsider. Midwestern US States with next to zero economy may become some of the best friends to online gaming companies if they seek to enact legislation first.


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StartCasino.com

Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: AndySS (---.9-203-228.beanfield.net)
Date: May 13, 2009 04:19PM

Yes, you make an excellent point. California is said to seek legalizing poker. The offshore operators that now fly under the radar are the ones that would be the biggest loosers, but that is a good thing. Some of the operators now have...lets put it midly...a checkered past and not the best business skills.

Getting the industry out in the open, legal and regulated is the best way to protect consumers and increasing the quality of the gambling industry. Not to mention that the tax income for the US economy is much needed.



Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: The Banker (200.59.17.---)
Date: May 13, 2009 08:18PM



BUT....Think about this.....

.....Right now players pocket ..100% what they win

If the US makes online gaming legal, the sites that set up in the US have to become tax collectors and collect 35% of the players’ winnings on the spot (not too sure if it is 35% but I am sure it would be at least 25%)

Now if you are player you can either choose play at site operated out of say Costa Rica and you keep 100% of your winnings or you can play at licensed US site and loose up to 35% of your winnings.

One very positive thing Bush did when he brought in the gaming act was it help cleanse the offshore gaming sites of most of the crooks....

So now if you play at an “established” offshore site.... you will be paid all your winnings, so having the protection of licensed US site to make sure you get paid your winnings is not really positive argument.

Back before the industry cleanse itself (thanks to Bush) with now only the well healed sites staying in business there were big problems as the online gaming world was awash in small mom and pop gaming sites that were under funded and they had to steal their players winnings to try to stay in business.

This problem was caused by the crooked credit card processor like Nick Notre that rushed in to market to illegally process US credit card transaction back in late 2001 when the US banks first asked the US banks on voluntary bases not to process US credit cards for online gaming.

These crooked credit card processors kept most or all of the credit card proceeding volume and did not pay out their merchants so the smaller sites went out of business.

Plus many but not all of these smaller site were set up from the get go just to scam the players with no intention of ever paying the players on dime of their winnings and these sites would still online stealing players money today if there was no issues since late 2001 in processing US credit cards….

The sites that have survived only survived by being the fittest well managed sites and by developing the right credit card processing connections so they had no problems with processing US credit cards and getting paid by the banks outside the US that gladly acquire their US credit card transactions.

Bottom line what player wants to pay taxes on their gaming winnings if they have choice of not to pay up to 35% in taxes on their winnings….....so the offshore sites will still attract one heck of lot of US players even if the US opens for business

Cheers
The Banker

Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: yorktown (Moderator)
Date: May 16, 2009 04:01AM

Once the US opens up, several items will occur:

(1) More players, which means more industry dollars overall. Marketing will play a huge factor here.

(2) The big operators will come here. I don't care how tainted some of the bigger players in the business are. History repeats itself. They will buy their way into the US market.

(3) Taxes are an interesting dynamic. In Vegas, unless you win a super progressive slot, no IRS officer is advised of your winnings. The reason is simple; if the US government takes an aggressive tax stance on Vegas players, they kill Vegas. I believe the US government may lay low at the beginning on the players to encourage more action. They will tax the companies that are making profits.

(4) Offshore companies that are savvy will do well. BUT, known respected brands in the US over time will do better, provided what I said above about not taxing the player is true. The player will go to a place he/she can trust.

In any event, this is a fantastic development for the gaming industry.

Webmaster
StartCasino.com

Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: MightyRounder (---.57-70-69.static.videotron.ca)
Date: October 17, 2010 04:41AM

In other words this means 'Starting an Online Casino Business' is going to be even harder then it is now and licences are going to cost even more. Will established offshore sites get the chance to incorporate in the US?

Mighty Rounder

Re: FULL Text of Barney Frank Bill to Regulate Online Gambling in the USA
Posted by: yorktown (Moderator)
Date: October 21, 2010 10:15PM

That was the 2009 proposed bill.

Europe is showing interesting models.

Offshore sites (big players tossing alot of cash around) may have a chance to do this. On the other hand, the big players in Vegas will work very hard to make sure they don't get too far.





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StartCasino.com



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