INTERNET GAMING MOVES CLOSER TOWARDS US LEGALIZATION - Posted by KatA 

50 members of Congress have now signed on as co-sponsors of the Internet Gambling Regulation Consumer Protection and Enforcement Act. The act, proposed last year by Rep. Barney Frank (D-MA), establishes a legal framework for online gaming. If approved it would allow licensed operators to accept U.S wagers and to legally operate under the American judicial system. It would also allow the government to begin taxing online gaming revenues. Recent analysis determined that taxing this income could create up to $62.7 billion in revenue over the next decade. The act would also work to create safeguards against compulsive and underage gambling and to protect against consumer fraud, money laundering and identity theft. The legislation would allow individual states the final say on whether or not they wanted to legalize online gaming activity. Each state, as well as Native American tribes (with experience in gambling regulation) would also take part in the regulatory process. Jeffery Sandman, a spokesperson for the Safe and Secure Internet Gambling Initiative says: "Reaching this milestone illustrates that momentum is growing for a shift in U.S. policy and a rewrite of U.S. Internet gambling laws. The list of supporters will continue to grow as more representatives are educated on the subject and increasingly hear from their constituents that Internet gambling regulation presents the only viable way to protect consumers, since attempts to prohibit the activity have completely failed." As the bill continues to gain popularity, many consider it only a matter of time before it’s approved.