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An effort to lift ban on online gambling in the US

March 18, 2009 2009

A senior Democratic lawmaker is to push for passing of legislation to repeal a three-year-old U.S. ban on Internet gambling that has hurt trade ties with European Union.

“I’m going to be pushing it,” House of Representatives Financial Services Committee Chairman Barney Frank recently said at a press conference to lay out his agenda for reforming U.S. financial regulation.

With the Democrats in the U.S. Congress drafting legislation to repeal a controversial three-year ban on online gambling, Rep. Barney Frank, D-Mass., said he will work to see the legislation passed.

In 2006, Congress attempted to curtail online gambling in the U.S. by barring businesses from knowingly accepting payments in connection with unlawful Internet gambling. This includes payments made through credit cards, electronic fund transfers and checks.

The US could receive as much as $51.9 billion in federal revenue over the next decade if Internet gambling is regulated as proposed in legislation introduced by Representatives Barney Frank (D-Mass.) and Jim McDermott (D-Wash.), according to an updated analysis.

The new revenue estimates are approximately 22 percent larger than those of an earlier analysis prepared by PricewaterhouseCoopers in 2007, reflecting the increased online gambling activities of Americans despite attempts to prohibit activity through passage of the Unlawful Internet Gambling Enforcement Act of 2006.

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