Congressman Barney Frank (D-MA) and Jim McDermott (D-WA) have introduced the Internet Gambling Regulation and Enforcement Act and Internet Gambling Regulation and Tax Enforcement Act, companion pieces of legislation, to regulate and tax Internet gambling activity.

The legislation would require licensed Internet gambling operators to put in place safeguards to protect against underage and compulsive gambling and ensure the integrity of financial transactions. Taxation of Internet gambling is expected to generate between $6 billion and $25 billion in revenues for the U.S. Treasury in the first five years of enactment.

Hmmmm. safeguards against compulsive gambling???? If I owned a big Casino, I could sure use that Gov’t help! If someone were winning too much, I’d call him “compulsive” and ban him! WooHoo!

Underage??? Wasn’t that already stopped through the use of Credit Cards? Oh yeah, we can’t use credit cards anymore…. hmmmm, just what method will they use to prove an age without credit cards?

I think our proud politicians from MA and WA are smoking something! They’re gonna hear from me…. you too?