UIGEA May Just Fall

Barney Frank's new online gambling legislation is gaining more and more support in Washington's corridors of power.

The bill has now racked up a total 34 co-sponsors, with 8 jumping on board in the last fortnight.

It is believed that the US Justice Department's move to freeze the accounts of thousands of US online poker players has ruffled a few feathers in Washington and proved to be a catalyst in swinging support the way of Frank's new Bill. The Bill will repeal the UIGEA which was passed as an add-on to the Safe Ports Act in 2006.

UIGEA made it difficult for US residents to gamble online by rendering it illegal for banks and payment processors to facilitate online gambling transactions. Frank's new law will repeal the UIGEA and replace it with a licensing and regulatory regime that will allow successful licensees, whether based in the US or offshore to accept US players.

While the new Bill's passage is far from assured, analysts are now saying that that the more liberal Democrat lead Congress, combined with continued EU pressure to change the current laws which are viewed as protectionist may help the new law pass.

It's Barney Frank's third attempt to introduce a law modifying or repealing the UIGEA.