Online gambling a bad bet for America, U. of I. expert says - PhysOrg.com

[Shame About Ray]

John W. Kindt says supporters of a renewed push to lift the ban, which started with Attorney General Robert F. Kennedy’s wire act against organized crime, are betting that online gambling will pay off in easy new tax dollars, but the stakes are too high.

“The revenue they would get is miniscule compared to the devastation it would bring to financial systems, stock markets, national security and people’s lives,” said Kindt, a professor of business and legal policy.

Rep. Barney Frank, a Massachusetts Democrat who chairs the House Financial Services Committee, plans to introduce legislation next week aimed at overturning the 2006 Unlawful Internet Gambling Enforcement Act, which strengthened the existing ban.

Frank also sought repeal but failed in 2007, just a year after the measure was approved with 80 percent, bipartisan support in Congress and signed into law by then-President Bush.

“It’s outrageous that he’s trying again,” said Kindt, who has studied gambling for more than two decades. “This law was the result of 10 years of congressional hearings, where expert after expert warned of the dangers of gambling on the Internet.”

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