Internet Gambling Regulation and Tax Enforcement Act of 2007

Internet Gambling Regulation and Tax Enforcement Act of 2007 - Amends the Internal Revenue Code to establish licensing requirements and fees for Internet gambling operators.

Requires Internet gambling operators to pay to the Director of the Financial Crimes Enforcement Network during each 30-day period of operation a license fee of 2% of all bets and wagers placed during the preceding 30-day period.

Requires the Director to grant Internet gambling licenses to applicants who meet criteria set by the Director and are generally fit to engage in the business of Internet gambling. Requires such operators to adopt appropriate mechanisms to ensure the collection of all taxes and license fees relating to Internet gambling that become due to federal and state governments.