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legislation

Congressman To Introduce US Online Gambling Bill

Legislation, 2007-04-25, by Ozone

Massachusetts Democrat Barney Frank said he will introduce a bill tomorrow to lift a ban on online gambling.

Last October, President Bush effectively banned online gambling in the United States when he signed legislation which outlawed financial transactions related to online gambling. As a result of that legislation, many online poker rooms, such as Party Poker and 888 Poker, pulled out of the US market, causing their stocks to fall sharply.

Congressman Frank told a community bankers group that internet gambling is a "victimless crime." He further stated, "why anyone thinks it is any of my business why some adult wants to gamble is absolutely beyond me."

The stocks of both Party Poker's and 888 Poker's parent companies shot up near the end of the day's trading session on the London Stock Exchange upon news of Frank's plans to repeal the UIGEA.

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