Includes within the matters to be studied by the Commission: (1) a review of existing laws governing various forms of wagering over the Internet; (2) assessments of the impact of Internet gambling with respect to problem gambling, the availability of gambling to minors, and its susceptibility to money laundering by terrorists or criminal enterprises; (3) the potential of regulatory measures to minimize adverse impacts of Internet gambling; (4) federalism issues; and (5) the problems of unregulated international Internet wagering and Federal options in seeking international cooperation.
Requires the Commission to issue proposed changes to Federal laws and regulations providing for the licensing and regulation of Internet gambling in the United States which: (1) preserve the prerogatives of States and tribal sovereignty; (2) include measures to minimize adverse impacts of Internet gambling and to eliminate the disparate treatment of various forms of Internet gambling (with an exception); (3) provide for the appropriate taxation of Internet gambling enterprises (comparable to land-based gambling); (4) provide for the licensing of enterprises both within and outside of the United States; (5) remain consistent with U.S. goals, principles, and obligations in other international negotiations governing electronic commerce; and (6) include measures to discourage, prohibit, or prevent U.S. citizens from wagering with unlicensed Internet gambling operations outside the United States.