Sen. Robert Menendez, D-N.J., introduced legislation Thursday that would allow federally-regulated online poker and other games of skill. The bill is designed to raise revenue while protecting families through a crackdown on predatory Internet gaming sites that target minors and fleece their customers. A 2006 law banned most forms of Internet gambling in the United States and some members have been trying to get the statute repealed or significantly modified.
Under the Menendez bill, gaming companies would have to undergo a thorough review by the Treasury Department including an analysis of the financial condition of the applicant, business record, and background checks. In addition, an applicant must submit a full financial statement, corporate structure documentation, and a certification that the applicant agrees to be subject to U.S. gambling laws. The Treasury could deny licenses for any firm believed to not meet the criteria set by the government. The measure proposes a license term of five years and renewal would be subject to the same requirements.
The Treasury would be directed to develop guidelines for ensuring age verification and that bettors are physically located in a jurisdiction where gambling is legal. The agency would also have to ensure all taxes due are collected. Further, there are requirements to combat fraud, money laundering and compulsive gambling and to ensure games are fair and bettors' privacy is protected. Licensed sites would have to pay a 10 percent tax on all deposits into playing accounts, the proceeds of which would be split evenly between the federal government and the government of the state where the player is located.
"Pulling Internet poker out of the shadows and into the light of the law, we have the opportunity to help our economy while protecting our families," Menendez said in a press release. "By bringing these games of skill into the mainstream, we can generate billions in revenue for businesses and the Treasury during these tough times." Estimates have shown that more than $3 billion in annual revenue can be raised by licensing and regulating Internet poker, according to his office.
The Poker Players Alliance lauded Menendez's measure. "The tides are turning and support for licensing and regulating Internet poker versus infringing on Internet freedom is growing," PPA chairman and former Sen. Alfonse D'Amato said in a statement. A spokesman for the Safe and Secure Internet Gambling Initiative said the bill is a "move in the right direction" but the group believes a regulated environment should be broadened to allow wagering on poker along with other games. House Financial Services Chairman Barney Frank has proposed such a bill.
Thursday, January 7, 2010
James
I went to vegas a couple of weeks on business ago and the industry look busy and there was I thinking that our economy was in the toilet and folks would be worried about paying their gas bills. It seems that us americians just cant let go of our gamblimg habits and this bill wont make much difference.
Wednesday, September 16, 2009
Breendy
Wednesday, September 16, 2009
Susan
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Susan
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Tuesday, September 1, 2009
Bill Bartmann
Wednesday, August 19, 2009
Pstar
Located in Jurisdications where gambling is legal, Bah! I play online daily now and I dont live in such a jurisdiction! I and tens of thousands of players get around their restrictions daily! I dont need them to give me permission so they can stick this bill up their azz and rotate. I dont need it! If it helps the site providers great ... but dont paint it as in my best interest! 10% more out of my pocket is just another government azz f.uqing! Stand in our way and watch what happens when build a way around you to do what we please! Maybe its time to build a monetary P2P system like bittorrent that lets us do exaclty what we want with our money outside the bounds of some greedy governmental taxation regime!
Monday, August 17, 2009
offshore
Friday, August 7, 2009
"Tapping into the online gambling as a source of a revenue stream will ultimately have only one outcome, the end of US based poker sites and movement to offshore sites." I was under the impression that poker sites are already based overseas. Is that not correct? Part of the intention of this bill is to make it so people like me have the option to play on a US based poker site that is regulated. If they were already in the US, then yes I would agree with you, but I'm 99% sure most poker sites are overseas (especially the ones I play at) because of the legislation that was passed previously that banned all online gambling.
Friday, August 7, 2009
Robert Lee
Tapping into the online gambling as a source of a revenue stream will ultimately have only one outcome, the end of US based poker sites and movement to offshore sites.
Right now there is considerable income pumped back into the US economy through advertising and sponsorships by the poker sites, but the government isn't getting their direct taxation of the sites and therefore wants to meddle.
Once again, the federal government is showing how short sighted it is by crushing the sites in order to satisfy its insatiable greed and power grabbing.
Friday, August 7, 2009
Shawn
Yeah that's true, kind of, but for most poker-only sites there are lots of areas that would allow it to be played. I can only speak for California; there is no ban here at the state level. Cities can of course draw up ordinances against poker but there are many places that allow card rooms which in turn would allow online poker to be played.
Friday, August 7, 2009
Use TO play online
The bill needs to address Cheating and how cheaters and the site will be dealt with. Until I am happy with how cheating will be addressed I am against any bill supporting online gambling.
Friday, August 7, 2009
TheEngineer
""If this means what it sounds like it means--that US online poker players would have to reside in, for example, Nevada, Atlantic city or on an Indian reservation, then this really doesn't do anything great for the online poker community."
It simply means that the state does not opt out of the bill. With 5% of deposits going to participating states, I expect decent participation.
Friday, August 7, 2009
Poker Player
"The Treasury would be directed to develop guidelines for ensuring age verification and that bettors are physically located in a jurisdiction where gambling is legal"
If this means what it sounds like it means--that US online poker players would have to reside in, for example, Nevada, Atlantic city or on an Indian reservation, then this really doesn't do anything great for the online poker community.