US House Committee Approves Online Gambling Ban
A U.S. House of Representatives committee has approved a bill designed to quash the online gambling industry in its entirety. The bill would prohibit U.S.- based credit card companies and other financial institutions from processing transactions made by online casinos, online poker rooms, sports betting sites, and many other online gambling venues.
The bill was passed by voice vote in the House Financial Services Committee, a committee which reviews proposed bills that involve banks, credit cards, wire transfer companies and other financial institutions, and decides whether to “kill” a bill or to pass it on to the House of Representatives floor for a vote.
The legislation, which rendering it illegal for a U.S.- based financial institution to have dealings with most types of online gambling companies, does make some exceptions. Financial institutions will be permitted to conduct transactions that originate from horse race wagering and fantasy sports leagues.
The legislation, now that it has received the approval of the House Financial Services Committee, will be passed to the House floor.
Many lawmakers say that it is difficult to predict whether the legislation will pass. Although there are many influential lawmakers pushing for the bill, similar bills have not passed in recent years. There is, however, a complicating factor: it has recently come to light that Jack Abramoff, a Washington lobbyist, played a hand in defeating previous attempts at regulating the online gambling world. Now, some people are even more determined to get the bill passed.
However, the online gambling industry is a high- stake $12 billion industry with strong ties to influential financial institutions. Online gambling sites are legal in many countries, including in the United Kingdom, and many of the world’s most successful online gambling sites are publicly traded on the London Stock Exchange.
The U.S. has also been challenged in the World Trade Organization’s courts for its efforts to ban online gambling by the tiny nation of Antigua. The World Trade Organization ruled that the U.S. is not in compliance with international trade law, since the country attempts to ban some types of gambling while allowing others.
One organization that strongly opposed the legislation is a group entitled “Poker Players Alliance.”
"It is disingenuous to oppose Internet gambling and then write a bill that makes select forms of online gambling legal," said Michael Bolcerek, president of the group.
Barney Frank, a Democratic Representative from Massachusetts who is the top Democrat on the House committee, opposed the bill. Frank said that Congress should not try to tell adults what to do with their money.
"Adults are entitled to do with their money what they want to do," he said.
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