Following the House of Representatives’ legislation last July to ban financial transactions in online gaming, which was eventually put into law by President Bush in October, U.S. Rep. Barney Frank is now considering repealing the bill. On Wednesday, Steven Adamske, a spokesman for the lawmaker, said, “Chairman Frank is considering legislation.”
The Massachusetts Democrat, who chairs the House of Representatives Financial Services Committee, has not drafted a bill nor have there been any formal actions towards the repeal.
Yet last year, Frank stated, “Prohibition didn’t work for alcohol. It won’t work for gambling,” even though the House eventually voted 317-93 for the bill, solidifying regulation for the industry.
The legislation updated former ambiguous gaming laws to state that most gambling online is illegal, except for state run lotteries and horse-racing. Supporters of the bill, which enables authorities and internet providers to work together in order to block access to gambling websites, argued that internet gambling can be addictive.
The outlaw of gaming financial transactions has since had a negative impact on industry purveyors like PartyGaming Plc, as well as the advertising potential surrounding them.