hey todd i hope you don't mind me posting this but it made me excited to see this.in fact i've had a feeling eventually this would be a wild card the government would pull out to help put some money into the economy.this is a win/win situation because as you could imagine gamblers put billions into the economy.
Online Gambling - US to Overturn UIGEA to Stimulate Economy: According to news sources in order to mend trade ties with the European Union and to potentially stimulate the US economy, a Senior Democroatic lawmaker will move forward with a repeal of the UIGEA. "The bill introduction should happen in the next month," stated a spokesperson for Barney Frank the Chairmen of the House of Representatives Financial Services Committee.
The ban on online gambling recently implemented by the Bush administration could possibly be history due to the need to generate revenue for a failing US economy. Several US states are also looking to legalize forms of online gambling with hopes to increase revenue. The European Union is also preparing to file yet another complaint against the US regarding the enforcement of the UIGEA at the World Trade Organization.
"Mr. Frank will bring back legislation to repeal the UIGEA (Unlawful Internet Gambling Enforcement Act)," stated the spokesman, referring to a bill created and passed in 2006 when the Republican party controlled Congress and the White House.
Supporters of the repeal of the UIGEA argue that billions of dollars could be earned in taxing and regulating the online gambling industry. The online gambling regulations set in place by the US republicans, cost billions of lost market value to many European based publicly traded online gambling companies as well as billions of dollars of potential US tax revenue.
Against the House of Representatives Financial Services Committee Chairman Barney Frank's advice, the republican party lead by the Bush administration rushed to finalize the passage of the UIGEA which essentially banned businesses from accepting payments in connection with online gambling, primarily related to payments made through electronic fund tranfsers, credit cards and checks.