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What is the difference between bills HR 6870 -VS- HR 6767?
As you may already know, a bill (HR 6870) was sold to The House Financial Services Committee by Barney Frank (D-Mass) on September 16, 2008 by an overwhelming 30-19 vote which now may very well be the catalyst toward the regulation and legalization of online gambling in the United States we have all been waiting for.
This bill challenged the “Unlawful Internet Gambling Enforcement Act” also known as “UIGEA” of 2006 which basically brought an end to all online gambling financial transactions in the U.S.
What you may not know is that two months earlier, Frank proposed an almost identical bill (HR 6767) a bill to promote the development of an open, nondiscriminatory, and fair world economic system which did not pass due to a 32-32 tie vote (a bill must receive two thirds to pass) This left many wondering when or even if internet gambling would ever be permitted in the United States.
What made this bill most attractive to the house and eventually accepted was actually only one major distinction… Online sport betting and sport wagering was completely omitted from the bill.
Organized and professional sports in the United States is a massive industry with many connections throughout local, state and federal government agencies. In fact, during this latest hearing, Frank verbally expressed that he could not understand how organized sports officials and their representatives could think that they had any right to tell the general public what they could and could not do regarding the aspect of betting on major sporting events. However he did finally compromise, which reveals the massive strength of the lobby representing sports associations.
Despite the lack of the inclusion of online sport betting, being an affiliate in the United States (who always declared online gambling commissions as income to the IRS) I personally commend Barney frank for his dedication and perseverance in this fight. It should also be noted that this hopeful future regulation led by Frank will help many other aspects of the American public by generating a massive amount of tax revenue from affiliates, players who win and must declare their winnings as well as the online casinos themselves who will be paving their share of tax generated from the wagers placed by U.S. citizens.
Many thanks magyck0ne for this explanation, these are really good news!
Barney is the man!
