The chair of the House of Representatives financial services committee is planning a new bill that will cancel the ban on online gambling, which was passed by Congress in October 2006.
Rep. Barney Frank, a Massachusetts Democrat, said that he would introduce a bill that would reverse the ban, although the process is just beginning and there is no draft for it yet or timetable for action.
Frank was quoted as saying that the law against online gambling is one of "stupidest" ever and that the Unlawful Internet Gambling Enforcement Act is "preposterous".
The ban caused the stock values of online gambling companies, such as PartyGaming and 888.com to crash. The economic impact also forced some British-based companies, such as Leisure & Gaming and Sportingbet, to sell their U.S. operations.
Following these latest speculations on the future of online gambling, shares of British gambling firms increased considerably Wednesday. PartyGaming went up 13 percent to 42.75 pence. Sportingbet rose 5.4 percent, to 58.75 pence and 888.com added 3.9 percent, to 120.5 pence.
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