Following the recent string of testimony before the U.S. Congress Financial House Services Committee, it appears that regulating online casino gambling is a much smarter alternative than banning it like the UIGEA calls for. The first hearing - chaired by Congressman Barney Frank - brought forth experts in the online payment processing industry to testify about the protocols used for identity verification and payment processing of online gaming revenue.

Experts from the U.S. and abroad testified to the Committee. Keith Whyte, who is the Executive Director for the National Council on Problem Gambling, compared land-based gambling with online gambling, stating the internet affords even more protection for internet bettors. The interactive nature of the internet gives gamblers more access to information and services that make it easier for them to make the right choices. Unlike land-based gambling, the best online casino software platforms use technology that allows players to exclude themselves from logging into the casino, as well as set deposit, wager and time limits.

Online casino operators also have the power to exclude players if they deem it necessary. This is precisely why there is a growing call for regulation in the U.S. If the regulation and protection measures are not in place, rogue operators will take advantage of players (who apparently are going to find a way to gamble online no matter what), while embezzlement and organized crime are left to foster. The US DOJ has certainly been making an effort to crack down on gaming sites. However, most people will agree the online gambling industry has grown too large to effectively enforce a ban. According to the professionals testifying before the House Financial Services Committee, regulation is not only the smart thing to do. It is the right thing to do.

Also testifying before the Committee was the head of the UK's leading charitable gambling counseling services, Gamcare, Chief Executive of the Remote Gambling Association, Clive Hawkswood, CEO of Asteion Payments and former Visa Senior Executive, Jon Prideaux and Herbert Smith law firm partner, Craig Pouncey. Poole echoed Whyte's assessment that regulation will help to prevent problem and underage gambling, while Hawkswood underscored the importance of regulation to help protect the integrity of online payment services. Without regulation, Hawkswood said that fraudulent transactions would be difficult to police.

And to top it all off, Mr. Pouncey said it would be in the best interests of the U.S. to resolve their problems with the World Trade Organization and Antigua. Enforcing regulation would help to put the U.S. back into compliance with the WTO's General Agreement of Trade and Services, which the U.S. had originally committed to (although they now say they will withdraw their commitments) Notwithstanding all of the repercussions that would come from doing so, namely large financial compensations, the U.S. would essentially be digging a hole for itself in the eyes of the international community - something which many believe they already have done.