Details on a federal online gambling legislation bill introduced by New York Representative Peter King have become available for public consumption, providing an in depth look at just what could become the law of the land.
The bill contains the following provisions:
5 year licensing basis, which can be set up through current state frameworks.
A bad actor clause which keeps out offshore operators who offered American action after the UIGEA was implemented.
A clause which allows illegal operators to leave the American betting market, allowing them to exit without paying significant fines or penalties for remaining in the market.
Penalties for offshore operators who continue to take American action include 10 year prison penalties and severe financial fines.
American punters can have their money seized if they do play at an illegal offshore site.
The minimum playing age is set at 21.
Internet sweepstakes cafes deemed illegal on a federal level.
Operators must segregate player funds from their operational accounts.
Players from other countries will be able to play at legal US online betting sites, but only if online gambling is legalized in their home countries.
The King bill is one of the most ambitious pieces of gambling legislation to hit the House in the past several years. Other measures adopted by politicians have met with utter failure as there has been a lack of interest on the part of career politicians.