Expected Online Gambling News from Barney Frank Still Cheers
US Representative Barney Frank held a news conference this morning to outline his plans for the Financial Services Committee he chairs. Among items mentioned on his agenda was the need to legalize online gambling and poker.
Frank asserted that allowing gambling at online casinos would not in any way hurt or slow the national economic recovery. Of course, industry followers are well aware of the billions in potential revenue awaiting the US should the country properly regulate and tax Internet gambling.
It has been expected since the adjournment of Congress last year that Frank would continue to battle for the individual's right to the freedom to choose to gamble online. Frank had finally pushed through the committee a bill demanding the defining of terms under the UIGEA right before the recess, and the new Congress figures to be far friendlier to the cause of Internet casinos.
Still, the economic crisis looms over everything, and some gaming industry analysts warned that it might be some time before any attention would be paid to the online gambling situation.
But Frank has now said a bill to legalize and regulate Internet gambling will be introduced before the year is out, allowing consideration of the measure before UIGEA rules go into full effect on December 1st. Mounting pressure from the European Union may be expected, as the stimulus package includes provisions for broader protectionism, and accepting online casinos to the US marketplace may be a symbolic acknowledgement of the free trade policy the US has committed to.
