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Frank Committee Hears Experts on Internet Gambling
WASHINGTON, D.C. --
The House Financial Services Committee, under its chairman, Barney Frank, heard from several expert witnesses today who testified as to the need for regulated online gambling. The parade of speakers, most of whom proclaimed neutrality on the subject of Internet gaming, largely agreed that the UIGEA ban was not working and that protection for gambling consumers could best be found in regulation.
Keith Whyte of the National Council on Problem Gambling said that many studies had shown that most online gambling is of a milder and less risky form than land-based wagering. He did caution that those suffering problem gambling online had been far less protected than land players.
Youbet Chairman Mike Brodsky was amomng the staunchest supporters of regulation, even though the online casino ban supposedly gives the horse race betting his site allows an exemption from blocking of payments. Brodsky pronounced the ban a failure.
“Illegal internet gambling in the U.S. is happening right now and is growing," said Brodsky. “The only way to put any controls is to legalize and regulate it.”
“The U.S. incurs all of the social costs related to U.S. residents gambling online," said Professor Malcolm Sparrow of Harvard University. "Legalization with regulation would provide U.S. authorities the power to grant or deny licenses.”
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