Hearing to Debate Future of UIGEA Taking Place This Week

In a development sure to excite the online gambling world, the Unlawful Internet Gambling Enforcement Act (UIGEA) will be discussed in a Congressional hearing on Wednesday, April 2. This act, passed in 2006 as part of the Safe Port Act, is responsible for weakening the online gambling industry in America. Though internet gambling with an online casino is thought by many to be illegal in America, it is actually illegal only for financial institutions like banks and online payment processors to transfer money from bettors to an online casino.

A recent study by PricewaterhouseCoopers concluded that if the online gambling industry in America were to be regulated, somewhere between $8 billion and $42 billion in federal taxes would be generated. In order to move towards this goal, Representative Barney Frank, a Democratic Congressman from Massachusetts, has proposed the Internet Gambling Regulation and Enforcement Act (IGREA) which has been co-signed by almost fifty Congresspersons.

At the hearing, called "Proposed UIGEA Regulations: Burden without Benefit?," both proponents and opponents will have a chance to voice their opinions about the UIGEA and IGREA. It will be chaired by Democratic Congressman Luis Gutierrez and overseen by the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.