US Internet Gambling Ban May be Repealed

Posted 04/27/2009 at 12:37pm | by Paul Lilly

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Still like the Boston Celtics' chances of winning the NBA championship despite the likelihood of Kevin Garnett missing the entire playoffs? No matter who you think will win, if you're looking to place a bet online, you'll need to trust an overseas gambling site in order to put your money where your mouth is. That's because the U.S. Congress chased away U.S.-based online gambling outlets several years ago as part of the Unlawful Internet Gambling Enforcement Act of 2006, a law which some say may be overturned, according to a report in The New York Times.

Representative Barney Frank, Democrat of Massachusetts, is expected to lead the charge at overturning the 2006 bill in matter of days.

"He supports the repeal and wants to move forward on it," said Steve Adamske, communications director for the House Financial Services Committe.

Despite the 2006 Act, online gambling generated revenue of $6 billion last year in North America, or more than a quarter of the global total of $22.6 billion. That's a $5 billion increase from 2006. According to PricewaterhouseCoopers, if the ban is overturned, the U.S. government could potentially pocket more than $50 billion over the next 10 years.

Those who oppose overturning the ban point out that online gambling makes it too easy to get in over your head and can break up families. Some sports leagues also voiced concern that online betting could increase the risk of game-fixing.