Experts in the commercial casino industry have called for officials to supersede their planned proposals for online gambling regulation, instead putting in place legislation to allow each individual U.S state to make licensing decisions. This would allow each state to decide whether or not to allow online gambling, and would require each online casino to have a specific license for online operations.
Online Gambling Trouble
Part of the reason why there is so much indecision and caution over the online poker sector, which is worth an estimated $6 billion, is due to unscrupulous practices noted by previous casinos. Earlier this year Full Tilt Poker, Absolute Poker and PokerStars, three of the largest online establishments, were embroiled in money laundering and fraud charges which caused them to be shut down and gamblers lose out on a considerable amount of money. It is said that companies tricked financial institutions into billions of dollars of transactions; a direct violation of laws created in 2006 to prevent banks from becoming involved in profit from online gambling funds.
New Bills for 2011
However, the American Gaming Association’s chief executive, Frank Fahrenkopf, said that he expected a new bill to be introduced by the close of 2011. Fahrenkopf explained that the industry was closer to federal legislation than ever before, with officials knowing that a decision had to be made. If poker establishments are unregulated, billions of dollars will go untaxed he said, adding that Americans had to use foreign poker sites to continue their passions, leaving them vulnerable.
click here to see most Popular PagesAmerican Gaming Association’s Position
Whilst Fahrenkopf revealed that there needed to be regulation in the industry, he remained quiet on the current bills, preferring to stay neutral. The association has warmed to the growing push for online gambling, though venues remain at opposite ends of the scale over whether consumers should be allowed to play poker from home on digital devices. Meanwhile, Fahrenkopf also revealed that though a number of proposals had already been submitted, they lacked the elements that the casino industry was looking for and broke away from the current state framework that many were calling for.
