Is the Future of American Online Bingo near?
Online gaming has been around for almost two decades without any way to truly marshal its activities. The gambling sites, whether it be Bingo, Poker or any other casino game originate in countries that allow companies to set up the ‘home base’. Online gambling has become a $20 billion a year revenue industry and no one has access to control it or tax it.
Over time many countries has initiated gambling laws pertaining to online gaming. Some countries allow all online gaming while some have tighter restrictions and laws. But even if a player is in a country who does not allow online gaming, all the player has to do is look up and sign up with a site out of an online gaming directory that is out of the country.
Bingo has always been a different animal to other types of gambling in many States in the USA. In many States where gambling is illegal in any way, shape or form, Bingo always seems to find a way through the red tape and is played rampantly under the auspices of church bingo, fire department bingo and many, many more ’charity’ type covers. It stands to reason that the internet type bingo game will find the same loop holes as live bingo has appreciated.
With the bill submitted by Barney Frank, who is the chairman of the United States Financial Services Committee, Bingo could be legalized in the USA. There are several hoops the gambling companies would have to jump through to prove their standing, but once this is done they could apply for a five year license along with all their key personnel. Everyone to do with the site would have to prove they have a good financial and legal reputation and that all of their prior activities have not created a threat to the general public. They must have knowledge and skill in online gaming and show adequate funding to make payouts to all winners. It will be imperative that the company has the technology to stop money laundering and fraud and underage gambling. One main object would be to enforce all federal and state laws which include tax collection. Although most sites already have this, it must have policies in place that protect and help people with gambling problems.
Although there is a lot of pressure to keep online gaming from being legal in the USA, the potential for taxation and the need for the money brought in by it will most likely override any opposition in the next several years.