Frank Online Gambling Bill Just First Step, Says iMEGA Head

Frank Online Gambling Bill Just First Step, Says iMEGA Head
http://www.onlinecasinoadvisory.com/casino-news/online/brennan-discusses-frank-online-casino-bill-42782.htm

Many members of the online gambling community have reacted with uncontrolled glee at the appearance of Barney Frank's bills repealing the UIGEA and regulating Internet casinos. But Joe Brennan, Jr., of iMEGA says the Frank online casino bill's introduction is just the first step of a long and possibly arduous journey.

Brennan speaks admiringly of Frank and the character he has shown in championing the licensing of Internet gaming sites. He says Frank is "very courageous" to push the bill, which is "something not politically popular."

But Brennan, the Interactive Media Entertainment and Gaming Association chairman, points out that the measure has a tough road in front of it in Congress, and already contains signs of watered-down political compromise.

The new bill retains the illegal status of sports betting, something Frank's bill last year did not. Brennan suspects the change was made to placate sports leagues, especially the NFL. But the NFL opposes the new version as well, making the compromise one-sided when perhaps sports gambling should be included in the regulation process.

Issues of taxation have to be worked out as well. Brennan says online gaming interests expect taxation similar to that levied on land-based operations. And expectations that online casinos record all transactions for the purpose of withholding income tax from winnings must consider operating costs caused by such requirements.

Brennan says there has been much "echo chamber rhetoric" declaring "completely unqualified enthusiasm" for the Frank legislation's chances of becoming law. While he himself remains "guardedly optimistic," he reminds voters of the need to notify their representatives in Congress to favor the measure.

Brennan winces at depiction of the bill as a partisan effort, noting many libertarian Republicans identify with the freedom inherent in the act, while Democrats from traditionally conservative regions may feel pressure to oppose the bill to satisfy restless constituents.

But Brennan notes that Frank was extremely careful to address the concerns of gaming opponents in the language of the proposal, including responsible gaming, age verification, and money laundering. The iMEGA head thinks, with proper education of lawmakers on the subject, Frank's bill has a shot at becoming law.