House Financial Services Votes in Favor of Online Gambling Bill

House Financial Services Votes in Favor of Online Gambling Bill

Posted on 01/08/10 - by Theodor Mavrodis News

The U.S. House Financial Services Committee approved Barney Frank's online gambling regulation bill with a margin of 41 to 22. Before the final voting was done several amendments were made, and the next step is for the full House to vote on the bill.

Online Gambling Regulation Bill
The bill was put forth by congressman Barney Frank in an attempt to overturn the Unlawful Internet Gambling Enforcement Act, more commonly known as the UIGEA. This law prohibits the transfer of funds between U.S. financial institutions and online gambling companies.

Next Steps
Now the House Committee approved the bill with a substantial majority the next step on the political calendar is for the full House to vote on the bill. After that the Senate members will go to the polls and if there is sufficient support the bill will become law.

Amendments to the Bill
Several House representatives insisted on amendments, especially in the areas of consumer protection and the rights of the individual U.S. states.

The final bill contains protections against unwanted online advertising, additional measures to prevent underage gambling, and a measure for U.S citizens to opt for a voluntary gambling ban.

Excluded Gambling Companies
If the HR 2267 bill becomes law the online gambling companies that still allowed U.S. citizens after the enactment of the UIGEA, are not eligible for gambling licenses. Amongst those are several of our top rated online casinos, like for example Online Vegas Casino.