The recent proposal by Rep. John Shadegg (R-Ariz.) to ban Internet gambling is yet another example of wasted efforts to prohibit the industry rather than regulate it.

Instead of more rhetoric about the dangers of Internet gambling and more empty legislative exercises to prohibit global Internet businesses from operating in the United States, let’s really do something to address the concerns about Internet gambling. Let’s develop strong regulations that would create consistent and enforceable standards for the industry to uphold.

It may surprise our critics and the public to know that we share their concerns about gambling abuse and have been seeking support from governments to devise systematic ways to protect vulnerable populations. But up until now, American politicians have not wanted to help.

As a $12 billion industry consisting of more than 2,000 companies, our business is a thriving reality that requires regulation. While many companies in this industry are operating with high standards of ethics, we need consistent standards enforced across the board so that all operators will conduct business responsibly.

We need specific guidelines and protocols to protect those who are vulnerable to gambling. We need partnerships with consumers, watchdog agencies, regulators and the general public to ensure that we are responding to people’s fears about the industry. We want to work with regulators to ensure that best practices of the industry can be extended to all companies and new ways to prevent abuse can be explored and implemented.

For example, with a regulated environment, a number of critical issues can be addressed.

First, identifying and enforcing best practices to prevent underage gambling can be implemented. Online gambling companies have a number of safeguards to prevent underage gambling. We do not advertise to the age group. We have clear rules on our sites, we double-check credit-card information and we can provide links to filtering systems so that parents can put on restrictions.

But regulation makes these practices enforceable and extends their reach. New technologies can provide regulators with new tools, including the ability to provide an audit trail for each transaction or blocking participation by players or classes of players.

Second, ways to curtail excessive or compulsive gambling can be strengthened. Currently companies do utilize specific customer tracking controls that help their customers to keep track of their betting histories. These controls not only help customers assess and limit their own behavior, they can be used to impose cooling off periods as well. In addition, many companies provide links to organizations that can help gamblers with betting problems. With regulation, these practices become standard in the industry and enforced.

Third, regulators can ensure transparency and good corporate governance. Customers should know us. Many companies do provide complete information about our operation and location, including e-mail address, postal addresses and phone numbers so we are easily accessible to our customers. In addition, an increasing number of companies provide comprehensive training programs to all officers and employees to ensure that they do their jobs ethically and know how to handle potential problems with customers in ways that protect their privacy. With regulation of our industry, these practices could be applied to all online gambling companies that seek to do business in the United States.

The good news is that the United Kingdom provides a regulation model that could be adapted to the United States. The Gambling Act, passed last spring, provides for the licensing and regulating of online gambling including the establishment of a Gambling Commission to implement policies to protect consumers, restrict minor access and prevent money laundering and other criminal activity.

Yet, instead of pursuing steps toward regulation, U.S. politicians waste time and resources on futile legislative efforts to prohibit our business from doing business. Legislation to ban Internet gambling has been submitted at least seven times in Congress, and each time the effort has failed. One of the reasons is that even the sponsors of the bills cannot agree on what type of online gambling to prohibit; some are in favor or horse betting online; others support lotteries online. Clearly the issue of what to oppose is even confusing for our critics.

Energy would be better spent on developing effective ways to protect consumers. Regulated business practices would not only help consumers and strengthen the integrity of our industry, regulation could also authorize taxation and bring new revenues to federal, state and local budgets.

There are very few businesses in this world that say to governments: “Regulate us and then tax us.” But that is exactly what we are requesting. I bet it would be a step in the right direction for all concerned.

Carruthers is CEO of BetOnSports PLC, one of the largest licensed and publicly traded online wagering companies in the world.