National Gambling Outlook..commentary

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With the overwhelming passing by the House of Representatives of an Internet gambling prohibition bill, fears over a further restriction on the overall gambling industry have been escalating. However, a congressman who wants to prohibit Nevada sports books from taking bets on college games said he does not expect his bill to gain momentum from the overriding vote against Internet gambling. Rep. Tom Osborne (R-Neb.) said he does not see a strong connection between Internet gambling and his measure to ban betting on amateur sporting events. Nevada lawmakers have criticized Osborne’s Bill because it does not address illegal bookmakers. Osborne does not accept Nevada’s assertion that its sports books can help detect point-shaving schemes. “There’s no documented case where they have ever prevented a gambling scandal,” Osborne said.


In contrast, heightened concerns about money laundering for terrorist purposes will likely lead the federal government to shift authority over federal cash reporting rules from state regulators to the U.S. Department of the Treasury, a Washington, D.C. area attorney told a group of security and marketing officials at an anti-terrorism conference. Nevada casinos are now required to report all cash transactions of $10,000 or more to the federal government. However, the state Gaming Control Board has authority over the process, which is aimed at combating money laundering. Nevada is the only state with an exemption to federal anti-money laundering procedures that apply to casinos in other states. That transfer of power could have significant implications for area casinos in terms of penalties for non-compliance and mitigation opportunities, international trade law expert Douglas Jacobson said at a Las Vegas conference sponsored by Washington, D.C. based Homeland Education Resource Organization. 'The U.S. government likes to send strong messages' about non-compliance, he said, such as when it fined Mississippi casinos $7 million for failing to file cash transaction reports with the federal government. That was more than the $5 million settlement proposed by the state Gaming Control Board to resolve an investigation at the Mirage that uncovered thousands of unfiled reports, he said. On March 25th, Nevada casinos began complying with so-called 'suspicious activity' reporting requirements required of all banks and other financial institutions as part of President George W. Bush's Patriot Act, a post-September 11th measure aimed at fighting terrorism. Nevada has operated under its own set of rules, requiring casinos to report suspicious transactions to Gaming Control Board authorities, since 1997. @@
 

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