Shortly after Congressman Barney Frank (D-MA) introduced comprehensive internet gambling legislation on Wednesday, Congressman Jim McDermott (D-WA) introduced the Internet Gambling Regulation and Tax Enforcement Act, HR 2268.
The companion legislation to Frank’s bill will allow the United States Government to extract tax revenue from the internet gambling industry… Individuals are expected to pay income tax on any internet gambling winnings.
Monthly Archives: May 2009
US Representative Barney Frank introduces bill to legalize internet gambling despite opposition from National Football League and others
An online news magazine is reporting that Representative Frank introduced the bill earlier this month, and it would require online gambling sites to obtain a license from the Treasury Department. Of course Rep. Frank claims the games would be fair and children wouldn’t be allowed to gamble, but the he faces serious opposition. The online news magazine reports:
Opponents are not about to give up, They include the National Football League, which says Internet gambling threatens the integrity of its games. Family groups are also taking up the fight. “Research finds that problem gambling is three to four times higher with Internet gamblers than non-Internet gamblers,” said Chad Hills, analyst for gambling research and policy at Focus on the Family Action. “But Barney Frank doesn’t care. He continues to push policy legalizing the most predatory, addictive and exploitive form of gambling to invade 91 million U.S. homes using the Internet.”
Even if the bill passes in the House, it faces a major obstacle in the Senate. A similar bill has not been introduced there, and Majority Leader Harry Reid says he is against Internet gambling.
A local Florida paper provided the summary of what deal the legislature passed to allow gambling expansion in the state:
[T]he House and Senate voted to let Gov. Crist negotiate a gambling agreement with the Seminole Tribe. Crist had tried to negotiate his own deal but his proposal was overturned by the state Supreme Court, which ruled the governor needed legislative approval.
Under the agreement, which would bring the state a minimum of $150 million a year, the Seminoles would be allowed to have blackjack and other card games at their three Broward County casinos and the Hard Rock in Tampa. They would be able to install Las Vegas-style slot machines at all seven of their casinos, which also include locations in Big Cypress, Immokalee and Brighton.
Governor Crist has until August to come to the exact terms of the gambling expansion pact with the Seminoles.
The St Louis Business Journal is reporting that the removal of the loss limit has not been the economic panacea that supporters claimed it would be:
The state repealed a $500-in-two-hours loss limit at casinos in the hopes of generating much needed revenue for the education system. The projections had the repeal being the key to over $100 million in additional revenue, according to the Missouri Gaming Commission.
Now, the Commission has lowered that projection to only $30 million after factoring in what the economy has done to the casino industry.
The gaming commission has tried to blame the economy for why they cant provide the “guaranteed money” to our local schools they promised the voters of Missouri. The Business Journal continues:
They insist that their original projections were correct, but that the recession changed everything. “Those were pre-recession projections,” said Executive Director of the Missouri Gaming Commission, Gene McNary.
The gaming commission and casino lobby started back peddling on their promise right after the election. But Casino Watch explained that the reason the figures were not going to be realized was because the commission used false numbers and statistic to sell the $100 million lie to the voters.
Is anyone actually surprised that our schools wont get the money they were promised?