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New Initiative to Help Promote Online Casino Regulation

Congressman Barney Frank’s legislation initiative is gaining nationwide support. The Safe and Secure Internet Gambling Initiative is aimed at increasing public awareness to the importance of regulating the online casino industry in the United States. Frank’s new legislation initiative was not what the industry has expected as it doesn’t call for the cancellation of the Unlawful Internet Gambling Enforcement Act directly, but rather call for a regulating and taxation system to monitor internet gambling. All in all, it is still a better offer for the industry.

By highlighting the importance of regulations, the initiative hopes to raise online support from potential voters across the United States. The Unlawful Internet Gambling Enforcement Act did not stop Americans from gambling using the internet and there are millions of players wagering at unregulated international websites all the time. The bill has, actually, made online casino gambling less secure and it’s in the players’ best interest that the industry will be regulated. If the politicians that voted for the anti online casino bill are really thinking about their voters, they should adapt to new regulation scheme. However, this is not the only incentive for Frank’s bill.

The new bill also speaks about taxing the industry. Everyone knows that online gambling is a multi-billion industry and that the government could make a nice profit from taxing online casino activities across the United States. The money generated can then be used to treat gambling addiction and other programs that benefit the community. The current legal situation in American is more like sticking your head in the sand rather than facing the problem and things must change. With the new Safe and Secure Internet Gambling Initiative, hopefully, people will realize what is going on and start acting appropriately.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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