There is a good news for Online Gambling sector from Congressman Barney Frank. The Chairman of House of Financial Services Committee manage to push through HR6870 – the Payments System Protection Act – which expressly calls for the suspension of the Unlawful Internet Gaming Enforcement Act (UIGEA) except under certain conditions.
The Congressman wants to see that Online Gambling is at least partially legalized paving way to a multi-billion dollar industry. Currently all of the Gambling websites run from outside US, though US still has 50% of the world market.
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. Though its a uphill task, its still a good news that something positive is happening on Unlawful Internet Gaming Enforcement Act (UIGEA) front.
“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.
Tags: Barney Frank, UIGEA
