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Execs Urge Congress To Regulate Online Gambling May 1, 2003

A Las Vegas casino executive urged Congress on Tuesday to regulate rather than prohibit Internet gambling.

William Hornbuckle, president and chief operating officer of a gaming company, criticized a bill by Rep. Jim Leach, R-Iowa, that seeks to ban Internet gambling by outlawing the use of credit cards, wire transfers or any other bank instruments to pay for online bets.

`By eliminating all regulating by credible financial institutions, you have encouraged an e-commerce market that is ripe for money laundering,' Hornbuckle said. `When they say there is no consumer protection, the ultimate consumer protection is when the consumer will not have to pay Internet gambling debts if he cannot use the financial instruments,' Leach said.

Instead of the Leach bill, Hornbuckle said, Congress should approve an alternative offered by Rep. John Conyers, D-Mich., that would create a federal commission to study the feasibility of regulating Internet gambling.

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