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In an effort to rally support for his work to undo the Unlawful Internet Gambling Enforcement Act (UIGEA), United States Congressional Representative Barney Frank spoke to 1,700 poker players at the World Series of Poker (WSOP) main event on Sunday.
Frank is pushing for the legalization and regulation of Internet gambling in the U.S. His bill to lift the UIGEA of 2006 is expected to go before Congress sometime before the end of the year.
Frank, the Chairman of the House Financial Services Committee, has long believed that regulating and taxing of online gambling would bring in much need revenue to the struggling U.S. economy. Hundreds of millions of dollars change hands every year in the industry and the federal government does not see one cent in taxable revenue.
Currently, off-shore and European companies are the only ones reaping the benefits from money been spent by U.S. players.
If Frank’s bill can be passed into law, the U.S. stands to make millions of dollars that will surely help turn around the sluggish economy.
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