Chairman Barney Frank Predicts 2009 Defeat of UIGEA

Congressman Barney Frank has boldly told reporters that he believes 2009 will be the year that the Democrat-controlled Congress will overturn the 2006 UIGEA, which effectively seeks to ban internet gambling. This is especially significant since Frank is chairman of the House Financial Services Committee and author of a bill that would legalize and regulate Internet gambling.

The full article is here: Barney Frank Expects Online Gambling Bill to Pass in 2009.

We encourage you to visit Safe and Secure Internet Gambling Initiative where you can learn more and contact your member of Congress to take action on this important issue.

Thanks.

Jeffrey Sandman
Safe and Secure Internet Gambling Initiative

Would be nice if true, but I am afraid that with all republicans and those dems who worry about their religious constituents wanting to legislate our morality, i'll believe it when I see it. Another thing I worry about is the theme for repeal is "regulate it so the government can collect tax on it". It that what we want? Not me. Just leave it alone and I will continue to find ways to cash out that don't unfavorably affect my pocket book.

It might "seek to ban internet gambling", but has come nowhere close. Sure, some sites have banned US players, but there are plenty of sites where you can still play, and deposit real money. The best way that I have found to deposit is with a prepaid Visa card, so I don't believe that this legislation has done much to inhibit my ability to play poker online...

Anytime they seek government regulation, I worry.

The current "Ban" is easy to work around. Government regulation will be more difficult.

The problem is that the regulations outlined in the UIGEA may be enforced more tightly in the future. We must win the ideological war that online gambling is in fact legal and a freedom that all Americans should enjoy.

How sad is it that even if Barney Frank is correct and the UIGEA is overturned next year, that a law takes so little time to pass and so long to get rid of it? Sheesh.

Even if it's enforced, the law is only targeted at financial institutions, not players. Regulation would lift the ban on financial institutions accepting the proceeds, in exchange for either a W4 or 1099 being issued with all withdrawals .

It is a law with very narrow support. Only those who believe that gambling is a family wrecking addiction. While Sen Kyle is gone. Sen. Boxer is a force in the senate that will work to uphold UIGEA. She believes that children need protection. The banks hate this rule. It costs them millions to police transactions. Congress may jump at the chance to tax poker. Regulation will be very strong to get past Sen. Boxer and the others fearful of the harm caused by gambling.

Just because the UIGEA is in effect doesn't mean you don't owe taxes on what you win now.

The two main things regulation by the government would do, is make online companies pay mega bucks for government issued licenses, and they'd make everyone get a W2-G at the end of the year to keep you honest on how much you owe in taxes.

What I was talking about taxing the activity, not just the winnings. That is the feds would take a percent of the gross, or perhaps a license fee to pay for policing the online site. That's pretty much how all brick and mortar casinos operate in the US.

Should this go through one could make a small fortune buying stock from the right poker companies while it's still cheap. No doubt the price of shares will skyrocket the day online gaming is legalized in the USA.