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Financial Services Committee Chairman Barney Frank Vows to Legalize Online Casino Gambling

The August 14, 2023, By CasinosTopNews

Congress Cracked down on most forms on online gambling four years ago, when it passed the UIGEA, concerned that the unregulated poker, casino and sports betting sites were promoting organized crime, money laundering, underage betting and a host of other social ills and malevolence.

However, the result of the UIGEA was exactly the opposite.

American went to betting in local sites, to offshore sites that accepted American gamblers.

House Financial services Committee Chairman Barney Frank now want to take the opposite approach. Franks’ bill would create a licensing program for online gambling sites that would permit American gamblers to deposit funds. Rather than pretending that Americans don’t gamble, Frank’s bill would bring in more protection to players and states that are ready to stop the charade of prohibition.

Federal law has long banned betting remotely on any "any sporting event or contest," with the exception of remote betting on horse race tracks at off track betting parlors and tracks.

Nevertheless online gaming has grown into a multibillion-dollar business in the U.S. prompting Congress in 2006 to bar banks and credit-card companies from processing transactions linked to Internet gambling.

Players have found ways to circumvent the law by letting their offshore gambling sites credit or debit their bank accounts directly. Although some of those sites are reputable and safe, many are not. And if those shadowy casinos’ revenues are used to promote organized crime, there is very little US Authorities can do about it.

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