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Former Head of FBI – Regulate Online Gambling Now!

Former FBI Director Louis Freeh and Former Secretary of Homeland Security Tom Ridge penned an op-ed piece in last Friday’s Washington Examiner calling for a new federal internet gambling law. It’s not every day that one reads a Washington daily and finds the former head of the FBI supporting online gambling legislation.

It's not every day when a former FBI director calls for federal online gambling legislation

Are Freeh and Ridge closet fans of William Hill? Are they betting on the next election?

“We all know that Internet gambling takes place in a borderless enterprise outside an already ambiguous policy arena that affects millions of Americans. Americans across the country can gamble on various games on the Internet such as cards, sports and games of chance.”

That’s the “it happens anyways, so let’s regulate, cough cough, tax it” argument.

“Individual states simply do not possess the necessary law enforcement tools to effectively police gambling in a borderless Internet.” This is the stronger argument. As it appears now, US online gambling will be re-instituted on a state by state basis – 50 states (plus a few territories) with 50 different sets of online gambling laws. At that rate, the lawyers will make more money than the casinos and jackpot winners!

Imagine Florida legalizing online gambling, but requiring that all gamblers must be from Florida. If each state does this, online casinos will be a crazy web of over-regulation. Freeh and Ridge are right to call for federal online gambling legislation.

Let’s hope that other wise men and women in Washington are listening to former FBI Director Freeh and former Homeland Security Secretary Ridge!

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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