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The US makes moves to legalise online gambling

08.08.2010

After much speculation and pressure - Americans are finally celebrating as news recently announced confirms that legislation has just been passed making some internet gambling legal. Meaning players are now allowed to place online bets via companies licenced by the US Treasury Department without breaking the law.

Representative Barney Frank - Chairman of the House Financial Services Committee, sponsored the legislation overturning a law that has been in place for over four years saying: “My initial goal is that Americans should be free to do as they wish without this kind of governmental intrusion.”

Other supporters including the Poker Players Alliance, are in agreement that both the licensing and regulating of online gambling will serve to protect players who are placing bets with operators offshore. A further measure (dependent on Frank’s plan actually being passed), would allow the introduction of taxes for internet gambling which could earn the federal government up to a staggering $42 billion over the course of 10 years.

Opponents to the legislation, such as Representative Spencer Bachus from Alabama, are of the belief that legalising online betting only serves to harm society, saying “With this bill, we effectively allow every American child to gamble on their computer be that at home or in their dorm” However Frank’s proposal is against the prospect of underage gambling and under his proposal insists licensed gaming companies would need to protect against both addictive and underage gambling, plus go further to prevent players residing in states that prohibit gambling from placing bets.

According to the findings of H2 Gambling Capital, industry data suppliers, the value of the offshore American online gambling market is expected to grow from $5.4 billion as recorded in 2009 to $5.7 billion in 2010. With the way things are going they have forecast the market to be worth $24 billion in just 5 more years if the US goes ahead and makes gambling legal.
  
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