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The wait is over and the promise has been fulfilled.  Today, Congressman Barney Frank, Chairman of the U.S House Financial Service Committee introduced legislation that would regulate online casinos in the United States.  There was a lot of rumor and speculation leading up to this highly anticipated introduction.  Many were not sure if the bill would do anything more than eliminate the Unlawful Internet Gambling Enforcement Act.

Frank’s bill, the Internet Gambling Regulation Consumer Protection & Enforcement Act, is much more than a simple response to the Unlawful Internet Gambling Enforcement Act.  The bill will reestablish a legal market for online casinos in the United States.  If the bill passes into law the U.S. Treasury Department would be empowered with the authority to license and regulate online casinos and online gambling operators.  Under the law, the U.S. Treasury would also have the power to enforce regulations through fines or even the ultimate revoke of a license of an operator fails to cooperate with regulations.

In addition to the Internet Gambling Regulation Consumer Protection & Enforcement Act, Congressman Frank has something in store for the Unlawful Internet Gambling Enforcement Act.  In the eleventh hour of the Bush administration an attempt was made at implementing the Unlawful Internet Gambling Enforcement Act.  Frank announced that he intends to introduce additional legislation that will put a freeze on these implementations.

In 2006, when the Unlawful Internet Gambling Enforcement Act was passed into law, several European online casinos and online gambling firms lost billions of dollars in value.  This new law would mean a lot for them.

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