The Other Side of Barney Frank’s Bill
October 6, 2009 (CAP Newswire) – Offering an alternative look at Barney Frank’s bill to implement regulation (and taxation) on the online gambling industry in the U.S., GamblingReview.com’s Jeremy Schrute isn’t so sure that the idea is a good one.
Basically a supporter of Frank’s efforts in the past, this new analysis by Schrute is apparently an effort to play devil’s advocate, and to take a fair look at what actually may happen to the online gambling industry in America if Frank’s new bill goes into effect.
Citing as inspiration the writings of California attorney Martin Owens, who is also skeptical of the merits of Frank’s bill, Schrute writes that the biggest problem with Frank’s bill is that it “takes rights away from the states and gives them to the federal government … In Frank’s bill, the power to license online casinos lies solely in the hands of the Treasury Department.”
Another potential problem is with tribal casinos (who aren’t included in the bill, and are therefore likely to fight it in the courts if it passes) and financial institutions, which are similarly left out of the action. Since these are two of the biggest forces in the world of gambling and casinos, it seems a bit strange to think that a nationwide online gambling law would exclude them. That points not only to a probable failure of the bill, but also to a likely series of appeals and court action against it if it passes.