Whats next for Franks Internet gambling bill?
By Vin Narayanan Now that Rep. Barney Frank’s bill to license and regulate online gambling in the U.S. has been passed by the committee he chairs, the House Financial Services Committees, all sorts of questions are swirling around about what’s actually in the bill, and what the future holds for the bill. Here’s a look at various questions, FAQ-style. Frank’s HR 2267 was amended several times before it was passed. What’s actually in the bill? Here are the key provisions: • The Treasury Department will be in charge of licensing and regulating online gambling sites • Both states and Native American tribes will have parallel licensing and regulating authority • Sports betting on the Internet will be illegal. • “Bad actors” will be denied online gambling licenses. Congress has defined bad actors as companies, and the managers of those companies, that have knowingly violated or evaded U.S. Internet gambling laws — especially since the passage of the UIGEA. It’s a provision that clearly has F
