Congressman wants to regulate online casino operators in the US.
Barney Frank, chairman of the House Financial Services Committee, has introduced a new bill that aims to lift restrictions on internet gambling in the US.The Democrat's legislation, which is sure to enjoy the support of online poker, blackjack and roulette players, states that online gambling services should be regulated rather than outlawed.
Under the terms of the bill, the US Treasury Department would license online gaming operators and retain the power to revoke the licence of any firms found guilty of violating the law.
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Although Mr Frank's proposal faces strong opposition from Republican groups, Evolution Securities analyst Ivor Jones told Reuters that the bill is likely to boost online gambling firms even if it ultimately fails.
"This legislation will be politically contentious and take time to be passed or defeated," he explained.
"During that time online gaming shares are likely to perform well as the option value of a potential return to the US market increases."
Under the Unlawful Internet Gambling Enforcement Act of 2006, US banks and credit card companies are banned from handling payments related to online gambling operators.
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