A new bill that would legalize and tax online gambling is identical...

Act. It’s co-sponsored by Frank, ranking member of the House Financial Services Committee, and Reps. Peter King, R-N.Y., and Ed Perlmutter, D-Colo. HR-1176 mirrors Frank’s HR-2267, which was introduced and approved in Financial Services last year. The provisions are the same partly because it “was the result of a completely open legislative process and passed the committee,” Campbell said. “It’s the same and what I think the strength is are the consumer protections that are in there.” If adopted, HR-1176 would establish a federal, state and tribal licensing system to “ensure that licenses are issued only to Internet gambling operators which meet strict criteria to protect consumers,” the bill said. It also would give the Treasury Department jurisdiction over license applications. Some of the safeguards required from gambling operators include those that combat fraud, money laundering and compulsive Internet gambling, the bill said. Privacy and security protections also are required. People are gambling online right now, Campbell said. But “they're using offshore sites and have absolutely no protections,” he said. The measure doesn’t create a new federal bureaucracy and it has a lot of economic potential, he said. Campbell said he expects the bill to have bipartisan support, and also opposition. The bill will be open to changes as it moves forward, he added. The provisions urging new technologies to prevent underage play and abuse help to expand consumer protections that aren’t included in the Unlawful Internet Gambling Enforcement Act, the Poker Players Alliance said. It also supported Frank’s bill last year (WID Nov 15 p1). Campbell’s bill would not apply to sports betting.