It's been a long and tiresome road so far with the Unlawful Internet Gambling Enforcement Act (UIGEA) but there seems to be a light at the end of the dark tunnel.
Two years ago U.S. Rep. Barney Frank got the ball rolling to repeal the UIGEA and now he's ready to introduce the Gambling Regulation and Enforcement Act (HR 2046), the framework that will lead to the legalization of online gambling.
Mr. Frank is the chairman of the House Financial Committee and an outspoken critic of the UIGEA and on the 20th of April, he'll introduce his bill to Congress.
Rep. Frank made it very clear though that the HR 2046 won't be attached to anything else and that it will be introduced as a standalone bill. "(Attaching HR 2046 to another bill) is not my intention. It would be a mistake. I want to do this with hearings, discussions and votes," Frank told political-news magazine The Hill.
As for HR 2046, its purpose is to regulate and tax online gaming and this includes wagers that are made with online casinos, poker rooms and bookmakers. The taxing is especially important since regulation would generate billions in tax money, something that the U.S. economy could definitely use in the state that it is in right now.
Like we said, nothing will change overnight, but the fact that Congress will see this bill is already a huge step in the right direction. Hopefully Mr. Frank can get the discussions, support and votes he needs to get this bill approved and to create a regulated environment where every online casino can accept U.S. players and their transactions without any consequences.
