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Iowa Has Online Casino Faith

The State of Iowa has a lot of faith in Barney Frank’s ability to pass through the new gambling legislation that would make online casino gambling legal at the federal level. The internet gambling industry in the US is really stalling because of the flaws inherent in the current legislation, the UIGEA. Offshore online casinos simply cannot be fully blocked through any legislation, even the banning of financial transactions between the gambling sites and US financial institutions. And beyond just the practical enforcement issues, Frank’s legislation would be a step forward for the US in foreign relations with the World Trade Organization and the EU’s efforts to sway the US politicians toward supporting a more inclusive international internet gambling policy.

The State Lottery Director in Iowa is now urging the Iowa government to consider passing its own online casino gambling legislation before the federal legislation comes into effect so that the state can remain competitive in the market and establish a base for in-state internet gambling before the big competition that will come from the US licensed offshore gambling sites. The offshore online casinos are likely going to dwarf the smaller state-run operations if the federal level legislation passes and the lottery director is feels strongly that the state should remain on the offensive.

The Lottery Director, Terry Rich, feels that there is a very strong possibility that the gambling legislation is going to pass through the federal government and once that happens there will be a lot of competition that will threaten the revenues that many states currently gain from in-state specific gambling. The foreign online casinos would be regulated and taxed at the federal level and there is a growing fear that late action on the part of the states could me that the federally listed gambling companies will threaten the profitability of state-lottery and betting.