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New Legislation May Lift Ban on Using American Credit Cards for Online Gambling

Barney Frank

Barney Frank

Currently in the United States it is illegal for Americans to use credit cards to place bets of any kind online.  This rule was enacted in 2006 under the Uniform Internet Gambling Enforcement Act  (UIGEA).  Representative Barney Frank (D-Mass.) seeks to repeal the UIGEA and make it possible once again for American banks to allow their customers to place bets online.  http://www.creditcards.com/credit-card-news/frank-bill-authorize-online-gambling-1282.php.

Although a person may get around the UIGEA regulations by using foreign companies to place bets; repealing the UIGEA is a much simpler alternative.  Frank argues that the government should not interfere with a persons liberty interest to make online bets.  The new legislation  is called the Internet Gambling Regulation Consumer Protection and Enforcement Act and establishes framework that would allow online operators to obtain licenses to accept bets from U.S. residents.  In order for the operators to obtain a license, they would have to meet strict requirements and pass background checks.

Allowing Americans to place wagers online while doing it in a matter that protects the consumer and requires background checks of online operators can only be beneficial.  The online gambling business currently generates $10-$12 Billion a year, and the U.S. is being cut out of the action.  This new law if enacted would be good for the U.S. economy and good for the American entrepreneurs while protecting consumers who are using foreign websites to meet their gambling needs.

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