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Finally, Congressman Frank to Unveil Proposed Online Gambling Law

6 May, 2009,  Milton Shaw, Staff writer


Its been perhaps the most anticipated piece of online gambling legislation ever...Congressman Barney Frank's new law to repeal UIGEA and offer a new regulatory environment for net gambling in the US.

Promised for weeks now, Frank is set to today unveil hi new legislation.

He foreshadowed today's unveiling in a media statement yesterday, in which he also said the proposed law "will enable Americans to bet online and put an end to an inappropriate interference with their personal freedom."

The new law will allow operators to obtain licenses to offer their product to American residents free from any restrictions imposed by UIGEA.

It may also go a long way to heal the rift that UIGEA caused in the US-European Commission trade relationship.  The EU executive arm has kept no secret of the fact that it believes that the current US stance toward online gambling is protectionist and a breach of trade free trade commitments.  When UIGEA was passed in 2006 the market capitalization of all large European based online gambling operators with a significant US exposure plummeted, and revenues have been down since then.

Stay tuned for more details on the key provisions of Frank's Act once they come to hand.

 

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