Internet Gambling Laws in the us alone Will Soon Take a Dramatic Turn

The You. E. introduced travelling across changes to its internet wagering laws with the passage of the Wagering Act of 2005. The stated purposes of the act were very noble: to prevent wagering from being a source of crime and disorder; to ensure wagering would be conducted in a fair and open manner; and to protect children from being harmed by enforcing the legal wagering age of 20 years. In practice situs slot, of course, the act led to a increase in on site operators moving to the country and a equivalent increase in tax revenues as a result.

In the You. S., the situation is much different. Wagering is legal under Federal law but prohibited in many states, with some local exceptions. Legal wagering states include Nevada and New jersey, although some states have passed laws that legalize wagering in certain municipalities as well as on Local American lands. Internet wagering laws, on the other hand, have effectively prohibited operators from doing business within the states.

In 2006 Congress approved an act that dramatically affected the internet wagering laws and effectively proclaimed the industry illegal. That act used the industry into situation, and drove virtually all of the You. S. based operations out of the country. Sites powered out of the You. E. and the Bahamas now pull together a majority of this profitable business. But numerous faults in the 2006 legislation and the feeling that Congress has more important things to worry about have now pushed the country to the brink of legalizing the industry.

If the You. S. is to proceed with the legalization of wagering over the internet, congress must first do away with its awkward attempt at making it illegal under the 2006 Unlawful Internet Wagering Enforcement Act (more easily referred to as UIGEA). The goal of that act was fairly simple: make it illegal for banks, credit card companies, and other payment processors to transfer funds from gamblers to online casinos and from those online casinos back to the gamblers.

You must understand, however, that the preference of lawmakers has always been to prohibit online wagering. But concerns about the constitutionality of such a prohibition as well as the mind boggling problems associated with enforcing the ban have consistently slain any possible actions along those lines. So Congress chose instead to try to attack the problem by preventing the flow of capital between the gamblers and the casinos under the UIGEA.

Now, thanks in no small part to the national financial meltdown, Congress is positiioned to reverse its approach to internet wagering laws and scrub the problem-plagued UIGEA. Under a couple of proposed House bills including one sponsored by Barney Franks and Ron Paul, Congress now appears positiioned to legalize and regulate the industry.

Whenever Congress actually considers such a sensible approach you can assume that there are potential tax revenues to be gained. So it shouldn’t come as a surprise to learn that one of the major benefits of legalized wagering is additional revenue for the government. Recent studies have indicated that the tax revenues the government stands to gather from a legalized online wagering industry could reach more than $50 thousand over the next 10 years.

Hopefully, based on current belief in Congress regarding internet wagering laws, You. S. based online wagering fans will soon be able to enjoy their sport legally through You. S. based operations that is under the scrutiny, and demanding power, of the government.