Newly submitted legislation would legalize U.S. based online gambling operations. Chairman of the House Finance Committee, Barney Frank sees a way for the United States government to bank from $2 to $6 Billion annually by regulating and taxing online gambling. Laws signed by President Bush in 2006 prevent U.S. banks from processing gambling related transactions.

Currently, if you have desire to place bets online you are going to find a site that is based in Europe or some other part of the world, outside the jourisdiction of American laws and regulations. In addition to the repeal of the former law, Rep. Frank’s bill will introduce requirements that the company running the gambling site be responsible for stringent age verification.

 photo credit: smussyolay

This marks a shift in that responsibility from the banks and credit card companies who are currently responsible for such verifications. Opponents have already stepped up to the plate arguing that passage of such a bill will create “clear danger to our youth” and encourage gambling addiction at a young age.

In addition to laying the foundation for strict underage checks, the bill provides for compulsive gambling controls. How this will be undertaken from a technical perspective is likely to rest upon the shoulders of the individual companies. Without technical standards in place, passage of this bill is apt to simply “require” companies to somehow monitor and curtail compulsive gamblers without actually providing what those standards should look like.

But how does this differ from any other addictive activities, substances, etc.? Many believe there are individuals that simply have addictive personalities. Others feel certain that the chemical aspects associated with drugs, alcohol and other substances are responsible for dangerous addictions that so many Americans fall prey to. There is even growing scientific evidence suggesting certain activities like gambling, or viewing pornographic images online cause the minds of those participants to release certain chemicals which in turn cause the dependency of the individual to continue participating in said activities.

If safeguards are built into the system, it may be argued that online gambling is actually a “safer bet” than going to the real world establishments. All of these safety factors however assume one fact: that the participant is active in only one site or location. How easy will it be to for the truly compulsive gambler to simply surf from site to site in order to get that rush they so eagerly desire? Perhaps this signals the opportunity for a company to step in as a universal middleman in order to provide age verification as well as monitor (somehow) a gambler’s activity across any and all sites they might visit.

Will you support or oppose the passage of a bill that aims to allow gambling to come right to your computer desktop? Don’t answer yet, as that is obviously a trick question. Anyone with Internet access already has the ability to place wagers online. This bill simply allows for more of the money generated at online betting sites to stay in the U.S.

While the general economy continues its downward trend, one thing tends to remain constant: people desire to be entertained. Whether that entertainment come in the form of television, movies, plays, sporting events, or gambling it away at the nearest casino, folks make room in their budget for their entertainment.

If we take that as a fact, then does it not make sense for legislation to be in place that might actually allow for those habits to benefit our citizens in the long run? Or are we simply prescribing a doom and gloom future of a world filled with raging gambling addicts that sit behind a computer screen all day and night slowly (or fast) sinking deeper and deeper into debt?