UIGEA: Experts Testify in Support of Regulated Internet Gambling
03 December 2009 The USA’s House Committee of Financial Services today held the latest hearing into the proposed Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267).
This is seen as important step as a possible vote by the Committee could pave the way for the law to be implemented during the current Congress.
The hearing heard from a number of expert witnesses, with strong support for a regulated, socially responsible approach to legal internet gambling.
Amongst the arguments presented it was argued that technology can play a strong role in ensuring minors are not able to gamble, and that consumers are well protected from money laundering, fraud and ID theft.
Parry Aftab, Exceutive Director of WiredSafety – an internet safety help group told the Committee:
“There are a number of technologies routinely used in other industries that were easily adaptable to online gambling sites. They are real, proven and in use today.”
Professor Malcolm K. Sparrow of Harvard University presented his comprehensive study which concludes that: “The establishment of a well-regulated industry under U.S. jurisdiction would offer far better protection against online gambling’s potential social harms than outright prohibition.”
It is believed that by passing Chairman Frank’s bill and allowing responsible online gaming, the USA treasury would collect $42billion in taxes over the next ten years.
The Federal Reserve and Department of the Treasury recently extended the date for UIGEA compliance to 1st June 2010, when it is widely believed that Chairman Frank will seek to have his regulatory bill enacted prior to this.
Footage of the review, including expert testimonies is available to download and watch here: http://financialserv.edgeboss.net/wmedia/financialserv/hearing120309.wvx
Further information on the hearing, including a written statement when it becomes available can be found at: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr_112409.shtml
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