Safe and Secure Internet Gambling Initiative … is the lobbying group that’s behind all this —backed by the European Gaming and Betting Association (EGBA). [BetFair does not belong to this association. BetFair, along with plenty of bookmakers and sportsbooks, belongs to the Remote Gambling Association (RGA).]
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The U.S. House of Representatives
Full Committee Hearing
Can Internet Gambling Be Effectively Regulated to Protect Consumers and the Payments System?
Friday, June 8, 2007, 10:00 a.m., 2128 Rayburn House Office Building
Financial Services Committee to Hold Hearing on Internet Gambling Regulation
Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA), today announced that the committee will hold a hearing entitled “Can Internet Gambling Be Effectively Regulated to Protect Consumers and the Payments System?†The hearing will address issues related to ensuring the safety and security of online gambling.
In April, Chairman Frank introduced H.R. 2046, the Internet Gambling Regulation and Enforcement Act of 2007, that would create an exemption to the ban on online gambling for properly licensed operators, allowing Americans to lawfully bet online.
Witness List & Prepared Testimony:
* Radley Balko, Senior Editor, Reason Magazine
* Jon Prideaux, Chief Executive, Asterion Payments
* Gerald Kitchen, Chief Executive Officer, SecureTrading Ltd
* Pastor Greg Hogan
* Jeff Schmidt, CEO Authis
* Michael Colopy, Senior Vice President, Communications, Aristotle, Inc.
–> I never managed to get Radley Balko to get interested in prediction markets. I sent him an e-mail one day, but he ignored me. Has somebody here ever talked to this guy?
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Addendum: The blablating P.R. about this new law proposal (bill), the “Safe and Secure Internet Gambling Initiative”.
[...] The Safe and Secure Internet Gambling Initiative announced its support for the Internet Gambling Regulation and Tax Enforcement Act, introduced today by Congressman Jim McDermott (D-WA). The bill would create a taxation regime for online gambling companies to be licensed under the recently introduced Internet Gambling Regulation and Enforcement Act (H.R. 2046). As Congress works to find funding for critical government programs, Congressman McDermott’s legislation is expected to generate between $6 billion and $25 billion in revenues for the U.S. Treasury in the first five years of enactment. [...] Under the licensing legislation, each Internet gambling operator licensed by the Financial Crimes Enforcement Network (FinCEN) would be required to pay a fee of two percent of all funds deposited by any person placing a bet. The license fee would be paid solely by the Internet gambling operator and would not be deducted from the deposit of the person placing a bet. Licensed operators would also be required to ensure the collection of applicable federal and state taxes from licensees and from individual gamblers. [...]
