The Internet Gambling Regulation, Consumer Protection and Enforcement Act (H.R. 2267) which was debated at a Congressional hearing this week is set to be amended or marked up by the House Financial Services Committee next Tuesday.

Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative tells WebProNews "Chairman Frank is clearly intent on moving forward his legislation to regulate online gambling activity."

"This mark up demonstrates that Congress is serious about moving Chairman Frank’s bill forward and establishing a strict regulatory framework for Internet gambling activity," said Waxman. 

"The passage of this legislation would be a win-win as it will protect consumers, create an estimated 32,000 new jobs over five years and provide federal and state governments with as much as $72 billion in new revenues over ten years."  

The legislation, introduced by Chairman Frank in May 2009, would establish a framework to permit licensed gambling operators to accept wagers from individuals in the U.S.  In addition to mandating an array of consumer protections, the legislation reinforces the rights of each state to determine whether or not to allow Internet gambling activity for people accessing the Internet within the state and to apply other restrictions on the activity as determined necessary. 

Since its introduction, a bi-partisan group of 69 co-sponsors has signed onto the legislation. A recent analysis by H2 Gambling capital predicts that Internet gambling regulation would create as many as 32,000 jobs over its first five years. 

"During this difficult economy, the revenue and job creation potential that regulated Internet gambling provides will go a long way to help states and families alike balance their budgets," said Waxman.