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Pete King Proposes Online Gambling Bill

Pete King Proposes Online Gambling Bill

Pete King, the Long Island Congressman, has said that he wants to legalise online gambling. Last Thursday King put forward a bill to license online gambling at the federal level.

Pete King Proposes Online Gambling Bill

Rep. Pete King has put forward a bill to legalise online gambling at the federal level.

In the past King has offered similar bills alongside former Rep. Barney Frank.

The most recent proposal is in response to a 2011 Justice Department ruling that rejected existing restrictions on online gambling.

King said that “A common federal standard will ensure strong protections for consumers” and will also make sure that players and businesses can “freely participate”.

King’s bill gives states the right to opt-out of a federal system and keep their own internal gaming rules.

Furthermore, it would also allow states to run online lotteries; this is expected to help the bill gain support from states that have opposed online gaming legislation in the past.

In the past Senate Majority Leader Harry Reid has put forward legislation to legalise online poker, however, his proposed bills would only allow large casino companies to operate sites. There was no coordination between King and Reid when drafting legislation.

In order for King’s bill to pass it would probably have to be added to unrelated House legislation.

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.