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Internet Gambling Hearing Today: Many Supporters Will Be in Attendance
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The House Ways and Means Committee have scheduled a hearing today on the legalization and regulation of online gambling. The Witness list for today's internet gambling hearing was released Wednesday morning and it features a "who's who" of Congressmen that have had an impact on internet gambling. Barney Frank and Jim McDermott will both speak about their bills which look to infuse the government bankroll with gambling tax money.

The House Ways and Means Committee is a bi-partisan group which features 26 Democrats and 18 Republicans. Both parties will be able to express opinions on the subject and voice any questions or concerns they may have about a possible change in federal law regarding the practice. Discussion is expected to get heated and a lot could ride on the final decision of the committee.

The Unlawful Internet Gambling Enforcement Act (UIGEA) is set to go into effect June 1st, it will require those in the financial services industry to comply with UIGEA regulations which make it illegal to transfer funds to online gambling establishments. Should either McDermott or Frank's bill pass the UIGEA would need to be repealed but for the moment many are just looking for a further delay so they can get everything passed in time.

The ultimate goal of any proposed legislation would be to legalize, regulate and tax online gambling for additional federal revenue and for the greater good of players. Though the UIGEA still looms heavily on the horizon many players are still optimistic that legalization is well within reach.

We'll keep you posted on any startling revelations to come out of the meeting. It is likely this is just one step in a long journey towards the acceptance of legalized online gambling.

 


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