The Internet Gambling Regulation and Consumer Protection and Enforcement Act, HR 2267, which would legalize online gambling in the United States, passed the House Committee on Financial Services last week.
The committee voted in favor of the bill, 41-22 advancing the legislation to the House floor.
The bill sponsored by Rep. Barney Frank (D-Mass.) chairman of the House Financial Services Committee, would effectively legalize online poker and online casino games such as blackjack, slots, table games and other non-sports betting in the United States.
One analysis completed by the Congressional Joint Committee of Taxation concluded that regulated online gambling could generate $42 billion in revenue over the first 10 years of HR 2267 implementation at the federal level.
If HR 2267 is signed into law, sites will have to apply for federal licensing.
The Internet Gambling Regulation, Consumer Protection and Enforcement Act (H.R. 2267) requires that in order for an operator to qualify for a license, the applicant must demonstrate they have established and can maintain the following requirements, at minimum:
- Consumer protections – Safeguards to ensure the individual placing a bet is of legal age to gamble and there are protections to combat compulsive gambling, including a requirement for licensed operators to have each customer choose his or her loss limits before being able to play on-line.
- Safe financial transactions – Safeguards to prevent fraud, identity theft and money laundering.
- Tax collection – Mechanisms to ensure all appropriate taxes and fees are collected from the licensees and individuals.
- Location verification – Safeguards to ensure that the individual placing the bet or wager is physically located in a jurisdiction that permits that form of Internet gambling.
Applicants wanting to offer Internet gambling services in the U.S. would be required to obtain a federal license from the Secretary of the Treasury. Before an application for a license is approved, the applicant would be required to:
- Provide comprehensive financial statements and corporate structure documents
- Agree to be subject to all U.S. laws related to Internet gambling and related financial services transactions
Applicants convicted of a criminal violation involving gambling, money laundering, fraud or any other financial laws would not be eligible for an Internet gambling license.
- States and Indian tribes would be able to prohibit Internet gambling activities within their respective geographic borders. Restrictions could be enforced if individual states decide to opt out from permitting persons in their states from Internet gambling.
- Sports leagues – Any sports league could opt out of the regulatory framework and prohibit any Internet gambling on their games or events.
- Sports wagering – The proposed regulatory framework would prohibit any Internet gambling on sports games and events.
Of course the bill has a way to go before passage, but considering the financial situation of the Federal and State Governments, this maybe the perfect time for this type of bill to be passed.
If such a bill would pass in the US, all prices paid for gambling domain names to date, will look like the bargain of the century.
Mike sooner or later it will happen …
The governments are addicted to collecting more taxes 🙂
http://AmericanGambling.com … coming soon !
Thank You Mike Mann 🙂
Of course it will pass , so will marijuana legalization.
When the $$$$$ roles in without much effort from the state or Feds,they will be knocking on their heads- why we did not think about this sooner.
The freaking Indian Casinos are the ones going to get piss off.
Big news for those with gambling names – kudos to those who didn’t ditch their portfolios cheap.
Mike, assuming all goes smoothly at the next stage, what ballpark time frame might it take for this to eventually become law?
Keeping our hopes high! With more and more people getting into online gambling especially sports, I’m sure it will be considered somehow. Thanks for the post. Check out Vince VIP Picks for sure-fire hot picks for all major sports. Indeed, the statistics don’t lie and advice anywhere else is just gambling!
why are games like poker and slots ok but not sports?
Now its good time to invest in gambling names, after US market is legalized all prices on domains will jump to sky, especially for .com and . net names.
USA market is arround 70% of entire gambling market, US players have the biggest value, average US player makes $600 in deposits at online casino.
Google, yahoo, bing will open their borders to gambling advertisers.
Now online gambling industry market appraised arround $24 billions, with USA in it it will go to $50 billions in the next few years.
@fizz
“Now the committee can send the bill to the House for consideration, where it could be considered in September at the earliest”
in Italy now they are legal and pay lots of billion in tax every year
after all, its legalization has given big advantages to Las Vegas and Nevada
Vegas is dead, Macau is where all the action is now days.
USA is the biggest gambling market and takes arround 70% of the whole market.
The online gambling industry will jump from $24 billions to $50 billions in the next few years if online gambling will be legalized in US
Unless you own the very best I hardly see how it would help ones portfolio of domains.
The search engines will be happy with their PPC gains in revenues.
“THE” search enginE since over 70% of the SE market is in Google’s hands…
Fizz
The sponsors of the bill are hoping that it gets to house floor for a vote sometime in the fall.
“Unless you own the very best I hardly see how it would help ones portfolio of domains.”
the legalization will allow many, new, small, companies to enter the market, so, also different domain names will have a good market
maybe… something like [make] veryeasydollars [with games] … 🙂
.
I own some pretty sick poker names, this makes me happy.Hopefully i can develop some of them.
another advantage, for the users, of this legalization, are the increased control against scams
the story of the Prohibitionism has already teached this: en.wikipedia.org/wiki/Prohibition
Tim
Because the major sports leagues especially the NFL would never allow it.
It would take years more lobbying to get a bill passes that included sports gambling that the sponsors seemed to have decided to try to get what they can.
Josh
I think there is going to be a mad scramble for any good gambling domain if this law passes and the US market is opened up.
Yes as Rick would say Pigeon Shit is still shit, but those 5th-20th best domains would become very valuable and traffic on gambling would get monetized at 50X of current levels
i hand registered PokerandRacing.com twp days ago and today got a $400 offer.
gambling is good.
now I’ll go to verify the availability of some domains…….. 🙂
We have over 300 nice casino and poker domains acquired around 2000. Have also sold quite a few so far.
Just can’t wait for this to become law.
HAPPY, HAPPY 🙂
a question to everybody:
what kind of domains keywords will be “unlocked” by the new law?
1. poker
2.
3.
4.
2. blackjack
3. casino
4. online casino
5. online blackjack
6. craps
7. dice
8. slots
9. slot machines
in no particular order and just the start
@MHB, I agree, the top XX will increase in value due to demand, its the other 10,000+ that will remain the same 🙂
Actually I take it back some, the additional worthless thousands will have a secondary market of their own, while not expensive it will be built on wishes and fishes…pigeons like to share I heard.
Josh
Lets not rule out any of the following new gTLD’s:
.Poker
.Casino
.Gambling
“.Poker”
it can’t change so much, since poker.poker will always sold much better than myname.poker … 🙂
.
While I can imagine someone trying to capitalize on said extensions, how many would be worth it, for example casino, sex, poker, free, hotels, bj, bet, sports etc. Very short list of generics would make sense with the industry and or extension. Not to say a launch wouldnt make money, just not for the domainer lol
oh…least I forget geo’s lol Lasvegas.casino !
Josh
Who says the registry has to release any domains or allow anyone else to register domains under it?
You can just own .poker and run your own sites off of it
But how do we make money?
The Onlike poker sites took a gamble when the US banned online poker in 2006. Poker stars and Fultilt gambled that they could take in all the US players Party Poker dumped. Party Poker Gambled that they could wait out the ban and re-enter as the favorite when the ban is lifted. Who will win???
party poker will be a big winner.
Who will win???
everyone in the business
Mum is the word…
10. roulette
11. baccarat
12. keno
Lest we forget:
13. poker
14.poker
15. poker
etc,.
Dean
That was #1 above
13. pai gow
pai gow?
oh, yeah I had some of that at the Vietnamese restaurant last night and it was derrrricious.
MHB,
just trying to emphasize how important Poker is. I would be curious to know how much of the market share poker takes, comparatively to the other games? Anyone know?
Dean
The first 9 positions should be poker and we can start something else at number 10
🙂
Ok Agreed!
and what about a mix of game and sex? 🙂
poker.xxx
casino.xxx
slots.xxx
etc.
Dean: “Now the committee can send the bill to the House for consideration, where it could be considered in September at the earliest”
MHB: The sponsors of the bill are hoping that it gets to house floor for a vote sometime in the fall.
Thanks guys – from a layman’s view it appears they’re fast-tracking this legislation.
This is really good news … I miss the days of Fabulous.com PPC poker and casino. 🙂 Plus I am pretty psyched I didn’t
take an offer on PokerLessons.com that was pretty close to my asking. Once this goes though it is going to make for some interesting possibilities.
am i ever glad im canadian the u.s. politicians are so screwed up its no wonder they are trillions in debt they only know how to stimulate the economy by waging war if they are not at war with someone theyd be bankrupt within a year. Shutting down online gambling is just one example of their inherent stupidity.