Posted Tuesday, August 26, 2008 11:14 PM
H.R. 2607 and H.R. 2046 are potential legislation that could bring about the legalization of internet sports gambling in the U.S.
H.R. 2046 in summary . . . In effect, makes internet gambling legal.
Internet Gambling Regulation and Enforcement Act of 2007 - Amends federal law governing monetary transactions to establish an Internet Gambling Licensing Program administered and enforced by the Director of the Financial Crimes Enforcement Network (Director).
Prescribes requirements for the licensing of Internet betting or wagering.
Provides that activities involving investment banking, payment and transaction processing, and financial transactions are shielded from liability if they are conducted in compliance with this Act and specified law.
Authorizes states, Indian tribes and sporting leagues to prohibit internet gambling licenses.
H.R. 2607 in summary . . . In effect, provides taxation framework.
Internet Gambling Regulation and Tax Enforcement Act of 2007 - Amends the Internal Revenue Code to establish licensing requirements and fees for Internet gambling operators.
Requires Internet gambling operators to pay to the Director of the Financial Crimes Enforcement Network during each 30-day period of operation a license fee of 2% of all bets and wagers placed during the preceding 30-day period.
Requires the Director to grant Internet gambling licenses to applicants who meet criteria se... [More]