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Efforts to Pass Federal Online Gambling Bill look More Promising

Efforts to Pass Federal Online Gambling Bill look More Promising

Efforts to pass a national online gambling bill in America are starting to have an effect. It is likely that legislation will be introduced to the house this spring with Senate Majority Leader Harry Reid working hard to form a coalition to support the measure.

Efforts to Pass Federal Online Gambling Bill look More Promising

With more states passing their own online gambling bills, it looks more likely that there will be federal online gambling legislation in the near future

Representative Joe Barton, who attempted to pass an online poker bill in 2011, pointed out that “Whether you’re for or against internet gambling, you don’t want 50 sets of state laws. You want uniformity.”

As more states move forwards with their own bills Congressional efforts have increased. Proponents of federal law argue that it would lead to uniformity and impose safeguards, while opponents claim that it would usurp states’ power and hijack urgently needed revenues.

So far federal legislation has only sought to regulate online poker and prohibit other forms of gambling. Draft legislation in past years has divided tax revenue between the federal government and the states where the betting takes place.

The proposals offered in the past have given the federal government anywhere between 5% and 10% of the tax revenue of what is predicted to be a $10 billion a year industry by 2017.

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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