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Updates On KING Online Gambling Bill
Friday June 7,2013 : MORE DETAIL ON THE KING LEGALISATION BILL (Update)
Bad actor clauses, but international players welcome at US licensed sites
More details on the internet gambling legalisation bill launched Thursday by Rep. Peter King are now available, including licensing requirements, which can be executed on a 5 year basis through existing state or tribal regulatory frameworks, or through a body specifically created for that activity...but with federal government input, using the criteria applied to bricks and mortar licensing.
Licensing will include "vendors" associated with operations, such as software and services providers, and marketing affiliates will be required to register with the licensing authority - it is not yet known whether such registration will carry a financial fee.
Taxation and licensing fees have yet to be specified in the legislation
The high profile "bad actor" clause that has caused so much comment at both state and federal level lately on grounds that it could be construed as commercial protectionism, is covered in the King bill, but appears to apply only to operators or affiliates who have provided [illegal] online sports betting services to American punters, leaving some leeway for competitors but not binding on states that may wish to impose such a clause with tighter constraints.
There is also sensible provision to allow "illegal" operators to exit the US market in a professional and fair manner, imposing time limits under which players must be informed and allowed to withdraw balances from their accounts, and detailing hefty fines for non-compliance.
Where illegal operators continue to offer services, there are enforcement options in the King bill, and seriously punitive measures against operators who continue to risk operating without US licensing that include million dollar fines and ten year prison penalties.
US players who give such illegal sites their business can also have their funds seized and confiscated.
Interestingly, the bill also contains clauses dealing with players who cheat and collude or use bots...and setting steep punishments for those that do.
Internet cafe "sweepstakes" gambling - a topic that has seen several states including Florida, South Carolina and California taking enforcement actions recently is also addressed by the King bill and are declared illegal.
There is an age limit for players of 21 years, forming part of the section of the bill that deals with a raft of the customary problem gambling and underage preventative and exclusion requirements.
It is also gratifying to note that specific clauses call for player funds to be held in segregated accounts to protect them against operational failures - long a bone of contention with players. Heavy penalties are prescribed for operators who do not respect this requirement.
International punters who wish to play on US-licensed websites will be permitted to do so...but only where the countries in which they are resident have legalised online gambling.
The federal legalisation drive will be reassessed after a year of operations, with the Treasury required to submit a data-backed study of financial numbers and playing characteristics.
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Gambling News :
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Singapore Online Gambling Ban Begins -
Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.
Pennsylvania Online Gambling Updates -
Pro-online gambling companies, including the Golden Nugget in New Jersey and Pokerstars, were quick to refute Schippers views based on their operational experience.
WSOPE In Czech Republic -
World Series of Poker Europe 2017 has moved to King’s Casino Rozvadov (KCR) in the Czech Republic following a multi-year deal that will see KCR host numerous WSOP-branded events over the next several years.
BtoBet Partners with AfroBet -
Following the launch in Kenya, Afrobet said it has high hopes for further expansion into East Africa, Tanzania, Uganda and Congo.
Pissed off Tabcorp shareholders -
A significant number of Tabcorp shareholders, led by The Australian Shareholders Association, reportedly objected to proposed hikes in executive pay packages and were unhappy with the company plans for a merger with rival gambling group Tatts.
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