It is well known that any kind of betting game online has been declared illegal by the Unlawful Internet Gambling Enforcement Act of 2006.
According to additional clauses in Law financial institutions were not supposed to process payments for gambling related activities online via credit cards or other money transfer systems for the purpose of wagers.
Despite all, US players did continue gambling online. Several companies with offshore licenses accepted US players and permitted them to play in their site. More than $16 billion in betting revenues is being given off to offshore companies by the US players.
Ever since the prosecution of the online gambling process, poker players from around the world have been constantly battling on the idea that poker unlike casino games is completely based on skill. Poker advocates state that it has nothing to do with chance like does wagering processes in sports books and other kinds of gaming bets.
The loss of revenues to offshore companies and the need to fill in the budget deficiencies have woken the government up according to which the Internet Poker and Games of Skill Regulation, Protection and Enforcement Act will be giving the U.S. licensing, regulatory and taxation department with the right footage to identify and establish a legal American online skill game industry.
A bill that was sponsored by Sen. Robert Menendez worked out that about $3 billion can be extracted in tax revenues from the online poker industry, if it were duly authorized and legalized.
The senator stated that by legalizing the online poker industry the economy of the country and the many families in the country can be protected.
He required the government to work out a poker license for online companies with a renewal period for once in 5 years. Additional clauses which worked out the importance of identity verification of all the players to prevent money laundering were also mentioned in the bill.
Rep. Barney Franks has worked out an even technical bill to regularize the online betting firms that will be accepting the US players.
Well all the concern for the industry has been in reality triggered by the declining economy, if not for concern for the online industry.
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