Online Casino Transfer: News - McDermott Bill Debated

05/31/2010		Online Casino Style: News McDermott Bill Debated - 1
Home History Games News Dictionary		The day that the online gambling industry in the United States has been waiting for has finally arrived, as the committee hearing on Representative Jim McDermott’s bill for the regulation of internet casinos in America has finally commenced. Following news last month that McDermott’s bill would likely see the table before its companion bill, that of HR2267 written by Congressman Barney Frank, the internet gambling community has been waiting for the fruition of such a prediction, a rumor that came through the week as the House of Representative’s Ways and Means Committee took to task McDermott’s HR 4976 proposal. True to form in the American legislative system, the drama that ensued was entertaining to say the least as both sides of the debate argued their positions with passion. On the “pro” side of the online gambling legalization debate sat Frank, who spoke about the rights of the player in the market, which for the record wasn’t going anywhere. Those who choose to frequent online casinos deserve to be protected through regulation. Congressman Frank also took the opportunity to confirm his intention to have his legalization bill debated on the floor of the House before it summer is out, estimating dates in July for it be brought before the panel. Though not present in the meeting itself, John Pappas was the first to make an official remark to the press in regards to its progress. Pappas released a media statement later in the day of the first committee meeting, speaking out from his position as the executive director for the Poker Players Alliance, one of the most influential bodies in the US gambling networks. Pappas adeptly pointed out that taxes should be a huge motivating factor in turning conservatives opinions in favor of the legalization measures. “While the robust consumer protections provided by regulation are the biggest selling point,” he said, “In the current economic environment, additional tax revenue derived from a licensed industry is certainly appealing as well.” The regulation points laid out in McDermott’s bill wouldn’t tax the players, either, instead requiring operators to pay a licensing fee to gain access to American players. Individuals would still be required to pay income tax on winnings, but that is already in place for land-based casinos now. to be continued in McDermott Bill Debated - 2

05/31/2010

Online Casino Style: News
McDermott Bill Debated - 1

The day that the online gambling industry in the United States has been waiting for has finally arrived, as the committee hearing on Representative Jim McDermott’s bill for the regulation of internet casinos in America has finally commenced. Following news last month that McDermott’s bill would likely see the table before its companion bill, that of HR2267 written by Congressman Barney Frank, the internet gambling community has been waiting for the fruition of such a prediction, a rumor that came through the week as the House of Representative’s Ways and Means Committee took to task McDermott’s HR 4976 proposal.

True to form in the American legislative system, the drama that ensued was entertaining to say the least as both sides of the debate argued their positions with passion. On the “pro” side of the online gambling legalization debate sat Frank, who spoke about the rights of the player in the market, which for the record wasn’t going anywhere. Those who choose to frequent online casinos deserve to be protected through regulation. Congressman Frank also took the opportunity to confirm his intention to have his legalization bill debated on the floor of the House before it summer is out, estimating dates in July for it be brought before the panel.

Though not present in the meeting itself, John Pappas was the first to make an official remark to the press in regards to its progress. Pappas released a media statement later in the day of the first committee meeting, speaking out from his position as the executive director for the Poker Players Alliance, one of the most influential bodies in the US gambling networks.

Pappas adeptly pointed out that taxes should be a huge motivating factor in turning conservatives opinions in favor of the legalization measures. “While the robust consumer protections provided by regulation are the biggest selling point,” he said, “In the current economic environment, additional tax revenue derived from a licensed industry is certainly appealing as well.” The regulation points laid out in McDermott’s bill wouldn’t tax the players, either, instead requiring operators to pay a licensing fee to gain access to American players. Individuals would still be required to pay income tax on winnings, but that is already in place for land-based casinos now.

to be continued in McDermott Bill Debated - 2