Where is the Barney Frank Bill? APCW Perspectives Weekly: 19 June 2009

[Auditor]

Is the American Mass Media hurting our helping the online gambling industry? Plus, what is the status of the Barney Frank Bill and its attempt to overturn the UIGEA?

http://www.youtube.com/watch?v=2dsuxTNVWu4

http://www.youtube.com/watch?v=2dsuxTNVWu4

[4 of a kind]

The numbers (billions & billions) might be catching the eye's of the real money people. If they decide they want to chop it up, online gaming for U.S. could be on the doorstep... and nothing else would matter.

[lots0]

Another good video my friend.

Better be careful though, your starting to sound like me...

[jetset]

BAD NEWS FROM BARNEY

Anti-UIGEA bill delayed till September

The economic crisis throughout the world and in the United States in particular has created a heavy workload for Congressman Barney Frank's House Financial Services Committee, and that unfortunately means that his latest attempt to regulate and licence online gambling in the United States will have to be put on hold until September, the politician's staff advised this week.

The industry has high hopes for HR2267, the Internet Gambling Regulation Consumer Protection & Enforcement Act, which was launched last (May) month and has already attracted political support.

However, it now appears unlikely that the bill will be voted on before the next session of Congress following a decision to delay hearings in the Committee until September 2009.

Confirming the re-scheduling, a spokesman in Congressman Frank's office said that the hearing for the proposal had been postponed until the autumn due to an excessive workload on legislation urgently needed to address the economic crisis and the administration's measures to correct it.

[winbig]

A spokeswoman for the Financial Services Committee, which Frank chairs, confirmed the hearing for Frank’s Internet Gambling Regulation Consumer Protection & Enforcement Act would likely not take place until after the summer due to the urgent need for the committee to deal with legislation aimed at bolstering the US economy against the global slowdown.




WTF????????


Regulating, licensing, and taxing online casinos WON'T BOOST THE ECONOMY?

These people are )*&#$@(@*&$(@*# IDIOTS.

[jetset]

Ironically, this week saw the 35th sponsor to Barney's bill sign up - Alaska Republican Representative Don Young.

[spiderlegz]

Originally Posted by winbig

WTF????????


Regulating, licensing, and taxing online casinos WON'T BOOST THE ECONOMY?

These people are )*&#$@(@*&$(@*# IDIOTS.

Actually it wont, the opposite actually. Huge negative externalities, failing cost-benefit etc.

Google "casino economics" without quotes, and thats for B&M casinos.

So if I were a politician I would vote against it. The arguments by Frank I have read are far from convincing. And online gambling regulation would never work anyway due to black markets.

[winbig]

Originally Posted by spiderlegz

Actually it wont, the opposite actually. Huge negative externalities, failing cost-benefit etc.

Google "casino economics" without quotes, and thats for B&M casinos.

So if I were a politician I would vote against it. The arguments by Frank I have read are far from convincing. And online gambling regulation would never work anyway due to black markets.

The legitimate online casinos will be jumping at the chance to re-enter the USA market, and the gov't will make a small fortune on licensing fees alone. The UK made it work, so there's no reason it wouldn't for the USA, as well.

[jetset]

I'm with Winbig's more positive view on this - if Barney Frank is successful it could have very beneficial results for player safety and a better choice, licensing and tax revenues (and we've already seen professionally and independently assessed tax projections over the next decade from PWC and other leading business analysts), better youth and problem gambling control and good business for industry-related service sectors.

Harrah's are already champing at the bit to get in on it, and if HR2267 is passed it would be hard for other major terrestrial gaming companies to stay out of a legal business, especially if the competition is already climbing in.

The US has always been the dominant market, and is likely to grow even further if the shackles are removed, imo.

There are a number of potentially watershed events shaping up within the next few months, including several legal issues both in the States and in the WTO, and political manoeuvreing in cash-strapped states that could all bring about significant changes.

It won't be a smooth ride - there are still plenty of adversaries out there - but it's going to be a very interesting year.

[lots0]

Harrah's is not the only company that is impatiently waiting for Regulation in the US market.

Most of the already regulated companies in the UK are eying the US legal situation very closely. Some of the smarter companies are already beefing up their online presence for the US market.

IMO, the US the unregulated casinos will start to fade away after Regulation. There will always be a few of the Rogues around... along a few people that think they can beat them... Some people never learn.