Full Committee hearing into online gambling law

Just in case anyone was wondering what was happening with political efforts in US to get UIGEA repealed, on Wednesday a House Financial Services Committee (“the Committee”) hearing was held to discuss proposed new legislation.

The legislation in question was Barney Frank’s H.R. 2267 (Internet Gambling Regulation, Consumer Protection, and Enforcement Act)

If this piece of draft legislation, which has been floating around Washington for some time now, ever becomes law it will replace UIGEA’s prohibitive stance toward online gambling with a regulatory framework and licensing regime.  Coupled with Rep. Jim McDermott’s proposed H.R. 4976, the new laws will also raise a lot of money for the US Treasury in the form of gaming taxes.

The success or failure of HR2267 is quite significant for the online gambling industry so this hearing would have attracted plenty of interest.  It is also a controversial piece of legislation that has polarized opinions;  those of the members of the Committee as well as various other interested parties.

Hearing webcast

For those interested a link to the recorded video webcast of the hearing can be found here at the Committee website.

It’s quite long and full of all the old arguments for and against legal/regulated online gambling in America, which in a nutshell are:

• For:
  – liberty/freedom of choice,
  – much needed government revenue raised,
  – current prohibition ineffective.
• Against:
  – endorsement of online gambling will encourage problem gamblers.

Whether HR2267 is any closer to actually becoming law I honestly cannot say.  But the debate was vigorous and reasonably well informed so it seems the law is getting a thorough review.

And most reassuring of all, Hank Johnson is neither a member of the Committee, nor was he called on to testify in any capacity!