The United States Government is one step closer to $42 billion and undoing prior legislation that stripped Americans of their freedom when it comes to the internet.
In 2006, congress instituted the Unlawful Internet Gambling Enforcement Act that while did not make online gambling illegal it did make it illegal for banks to process internet gambling transactions.
As the government tries to find revenue to fill the void that recent legislations will have on the deficit, the Joint Tax Committee says that passing Barney Frank’s bill to legalize online gambling could potentially bring in up to $42 billion over the next ten years.
This week that legislation made huge strides to bring online casinos to Americans, when the House Financial Services Committee voted to approve the bill 41-22. The bill is expected to be brought to the House later this year.
However companies that have continued to offer illegal gambling to U.S. patrons will not be permitted a license under the legislation. The companies that will be able to apply for licensing will have to base a majority of their operations within the U.S. borders, lining casino giants like Harrah’s Entertainment at the front.
Professional sports will continue to be banned.
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