Barney Frank Attempts To Repeal Online Gambling Law

WASHINGTON (MarketWatch) -- Attempting to roll back a ban on online gambling, House Financial Services Committee Chairman Barney Frank introduced on Thursday a bill that would permit Americans to place bets over the Internet.

Frank's bill would enable companies to be licensed to accept bets and wagers online from individuals in the U.S.

The bill would exempt the operators from current restrictions on online gambling and would require licensed companies to have protections in place against underage and compulsive gambling, money laundering and fraud. Read text of the bill.

Frank, a Massachusetts Democrat, called existing Internet-gambling law "an inappropriate interference on the personal freedom of Americans" that should be undone.

Current law prevents U.S. banks and credit-card companies from processing payments to online-gambling businesses outside the country.

Congress passed this law in October. Shares of U.K.-based Internet-gambling companies like PartyGaming (UK:PRTY: news, chart, profile) and 888 Holdings (UK:888: news, chart, profile) fell sharply as a result. The U.K. companies get most of their revenue from U.S. poker and sports bettors.
Speaking to reporters at a Capitol Hill news conference, Frank said he doesn't gamble himself but said the bill is meant to address personal choice.
"This [current bill] is an intrusion on individual liberties," Frank said. On Wednesday, Frank called Internet gambling a "victimless crime."

The estimated 12 million to 20 million online gamblers in the U.S. contribute more than half the industry's estimated worldwide annual revenue of $12 billion, according to the University of Pennsylvania's Annenberg Public Policy Center.

http://www.marketwatch.com/news/stor...14EEF05E1B6%7D

Be thankfull for gay democrats with common sense :)

Although, im wondering if this will actually get passed, especially as we [the US] seem to be ignoring the WTO on this issue anyway :(

Regards,

Lee