Internet Gambling Bill HR 2267

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The Internet Gambling Bill HR 2267 is scheduled for markup on July 27, 2010. This The announcement comes just one day following debate of the bill in the Committee led by Congressman Barney Frank (D-MA).

In response to the news of the markup hearing Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative said: “This mark up demonstrates that Congress is serious about moving Chairman Frank’s bill forward and establishing a strict regulatory framework for Internet gambling activity,” then went on to say, “The passage of this legislation would be a win-win as it will protect consumers, create an estimated 32,000 new jobs over five years and provide federal and state governments with as much as $72 billion in new revenues over ten years.”.

This legislation that was introduced by Chairman Barney Frank in May of 2010. Its goal is to provide a framework for licensing and regulating gambling operators to accept wagers from US citizens. It would mandate an array of consumer protections, and uphold state rights to allow, or disallow internet gambling.

According to a tax revenue analysis conducted by the Joint Committee on Taxation, regulated Internet gambling is expected to generate as much as $42 billion in federal government revenue over its first 10 years.