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Online Casinos Financial Sector in Agreement

There are certainly those organizations and industries in the United States supporting the 2006 UIGEA, but the Wall Street Journal has officially sided with Congressman Barney Frank and his attempts to license and regulate online casinos gambling in the country. The WSJ published an article last week covering the current state of the Unlawful Internet Gambling Enforcement Act (UIGEA) and the business journal’s opinion on Frank’s proposed UIGEA alternative. Frank’s Internet Gambling Regulation and Enforcement Act (IGREA) will create harmony between the U.S. and the World Trade Organisation and other countries affected by the U.S. discriminatory online casinos gambling legislation.

The WSJ article was almost entirely positive about Frank’s IGREA legislation which surprised many in the online casinos gambling industry considering the fact that the U.S. financial sector has previously had issues with Frank and his policies, the article writes, "We have our differences with House Financial Services Chairman Barney Frank, but he may have been on to something when he introduced a bill to exempt licensed operators from the ban."

The WSJ article also catches onto the fact that Frank’s bill is designed to specifically address social problems associated with online casinos gambling which many claim are only further reason to uphold the UIGEA. "Gambling is a vice, and social problems attach themselves to it. By legalizing and regulating the business, however, Washington could more effectively battle such problems as underage gambling and addiction. It would also avoid unnecessary trade tiffs with its leading commercial partners. And it would exempt cyberspace from overaggressive regulators, in America or anywhere else."

On the whole it seems that Frank’s IGREA legislation takes into consideration the global scope of the online casinos gambling debate – both domestic and international problems associated with banning or regulating the internet gambling industry. The WSJ article emphasizes that Frank’s bill is a step in the right direction.