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What Is IGREA?

What Is IGREA?

Posted on 30/06/10 - by Theodor Mavrodis News

IGREA – Internet Gambling and Regulation Enforcement Act – is a piece of legislation that was first introduced in April of 2007. It was designed to establish a regulatory and enforcement framework for licensed gambling operators to accept bets from US citizens.

The Act would create practical and enforceable standards to Internet gambling and provide protection that consumers expect and deserve.

The First Step towards Reversing the UIGEA

Currently millions of Americans gamble online with little to no protection from the government. The government's current efforts to ban online gambling have proven to be futile. IGREA is written to change all of that.

The Act provides a certain level of security to all online gamblers regardless of what games they choose to play. First introduced in 2007, the Act provides against money laundering, underage gambling, fraud and identity theft.

This is considered the first step in reversing the government's efforts to ban online gambling.

The bill also provides for taxation on internet gambling and is expected to fetch up to 42 billion in the first ten years!

Online Gambling Freedom

IGREA does not distinguish between the various types of online gambling. Another version was introduced in 2008 by Representative Jim McDermott and ensures that taxes are collected on regulated Internet gambling activities.

Collectively, the bills would remove an unnecessary government prohibition and protect an individual's freedom to use the Internet, including gambling online.

Good News for Online Casino Players

For players in US online casinos, IGREA is great news. Regardless of the fact that transferring funds to online gambling sites is illegal, hundreds of thousands of Americans continue to gamble online with little to no protection from the government.

It would place practical and enforceable standards to bring transparency to Internet gambling and provide players with the protections they expect and deserve.

It will also help turn around the billions of dollars in compensation that World Trade Organization is seeking from the United States.