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The online gambling sector this week is in celebratory mood thanks once again to Congressman Barney Frank. The Chairman of House Financial Services Committee managed to push through HR 6870 - the Payments System Protection Act - which expressly calls for the suspension of the Unlawful Internet Gaming Enforcement Act except under certain conditions.
Essentially, Congressman Frank wants to see online poker and many other forms of Internet gambling legalized, paving the way for a multi-billion dollar industry in the States. Presently, a hundred percent of the industry is operating off shore, though more than half the revenues are still generated from US citizens.
The legislation was approved by a 30-19 vote, paving the way for Congress to be discussing this issue in 2009. Nothing further will be done on this matter by year's end.
What follows is an uphill battle.
"I thought long and hard on just how to get people to understand what really happens, to be informative, but to keep it on a level that even someone from an EU member state could understand," commented one industry analyst.
How does a bill become a law?
Go Here To Find Out (a bill that resembles our friend in Congress, Barney Frank - look closely)
