Senior politician calls for pragmatism when it is revealed that up to 99% of all wagers on this weekend’s Super Bowl will have been placed illegally.
In an article that appeared in a Washington publication this week, Representative Jim McDermott reinforced calls for Congress to take a much more pragmatic approach when dealing with sports betting. His article, which was entitled “All Bets Are Not Off on Super Bowl Sunday,” Jim McDermott explains how almost all wagers made on the outcome of this year’s Super Bowl will have been placed illegally using online resources or via a bookmaker. In either case, consumers are vulnerable to exploitation because there are no legal protections in place to cover them.
Rep. McDermott goes on to say that the proliferation of unlawful betting reinforces the failure of government efforts to use the law to prohibit all forms of online gambling. He argues that this fact alone ought to encourage Congress to act in adopting a more sensible and workable policy approach.
New legislation which has been introduced by Barney Frank, the Chairman of the Financial Services Committee and which is supported wholeheartedly by Jim McDermott would lawfully regulate all Internet based gambling activity. It would require that licensed operators put in place a variety of systems that would protect consumers while collecting applicable fees associated with the activity. It would also put a stop to the vast sums of money being funnelled away from the Federal Reserve by offshore based companies that are unregulated and un-policed.
While the legislation put forward by Chairman Frank would not allow any online wagers to be made on sports, McDermott has stated that he believes the legislation’s passage has to potential to open the door that would allow this activity to be undertaken in the future. Barney Frank’s measures have already gained the support of sixty five leading politicians. To further lend weight to his proposals, an analysis by a Joint Committee on Taxation has revealed that the United States could potentially be in line for as much as $41 billion over the next ten years in federal revenue if Internet gambling should become regulated as proposed.