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Is Legalization Even Plausible?

The passage of the new online casino gambling bill through the House Financial Services Committee has created a lot of discussion and debate within the global gambling industry. There are many whole believe that the US is now firmly on the path toward legalizing, regulating, and licensing online casinos. But then there is the point of view that although passage through the Committee is a huge step, that this is minor compared to what Congressman Barney Frank’s internet bill is still facing in the House and Senate. In order to pass through voting in the Committee Frank had to watch as the markup process changed a many elements of the bill through amendments and there are still many more changes coming when this goes to the House and Senate for markup.

There is no doubting that last week’s favorable vote in the Committee is the biggest step toward a new US online casino gambling industry that has ever happened over the past four years that the UIGEA has been in effect. Frank has been drumming up support for this bill for nearly four years and interest groups have lobbied millions on the interests of the US gambling industry with an aim toward educating politicians. There has never been more support for a legalized US gambling industry before, but that does not mean that the bill is going to pass through all of the remaining hurdles necessary.

Despite the negative speculation from some online casino industry analysts there is also a very real hope that the fact that the US government is in desperate need of more funding sources will play a role in the passage of new internet gambling legislation. Conservative estimates indicate that the US market is worth at least $42 billion in tax revenue over the next decade.