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Posted by: Jetset at February 15, 2001, 9:56 pm

Topic: Wager Works (Silicon Gaming online) in beta Forum: Winner Online

It certainly swings from optimism to despair!

The first anti-internet gambling Bill in this 107th Congress has been launched by Senator Leach and has the potential to be effective in the US. It's the same one which the Banking Committee liked last year and attacks the payment of gambling debts - check this report out:

"Rep. James Leach reintroduced legislation on Monday that would declare illegal the use of checks, debit and credit cards to pay debts for or to receive profits from Internet gambling.

The bill, H.R. 556, is essentially the same bill that was passed last year by the House Banking Committee, which Leach chaired at the time. The panel has since been renamed to the Financial Services Committee.

This bill would "surgically remove" the means by which anyone in the US gambling on the Net could either receive profits or winnings or pay off their debt to an Internet gambling operation, said Leach aide Dave Runkel. "People just wouldn't do this unless they could get their profits back when they win, and what company would want to continue its activities if there were no means by which they could collect from people who lose money?"

Leach's bill, H.R. 556, is elegantly simple compared to the intricacies and carve-outs included in a bill to ban most forms of online gambling introduced last year by Rep. Bob Goodlatte, R-Va.

While Goodlatte's bill, "Internet Gambling Prohibition Act, would have outlawed most forms of Internet gambling, the measure also contained some notable carve-outs for closed-loop, so-called "parimutuel" gambling businesses - some of which left a sour taste in Democrats' mouths, who noted that the bill devoted more wiggle room to exceptions to the rule than not."

[This message has been edited by Jetset (edited 02-15-2001).]

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