Is Online Gambling Bill Coming This Week?
4/20/09 - Baltimore Examiner - View Source
By Ian Cooper
Let's keep this short and make some good money.
After weeks of waiting, it's finally going to happen... well, if Barney Frank keeps his word.
But if and when he does keep that word, there are two online gaming stocks you must be in... no later than today. Already, our two SC Trading Pit recommendations are up more than 20% apiece (after our special report was posted) and look to run even further.
You see, by this week, the Unlawful Internet Gambling Enforcement Act (UIGEA) first put in place in late 2006 will hopefully be reversed. And should that happen, as Barney Frank is tying to do, the United States could reap a $51.9 billion profit over the next 10 years, according to a PricewaterhouseCoopers study. And I'm sure you'll agree that the U.S. could use that money about now.
Frank was the man behind the introduction of a similar Internet Gambling Regulation and Enforecement Act in 2007. But the legislation wasn't put up for vote despite the 48 co-sponsors and after making it through the House Financial Services Committee.
He then indicated that he would introduce the bill in March 2009. But as the ongoing economic meltdown continued, it hindered other bills from being introduced and addressed.
These days, though, as the 111th Congress begins work under a new administration, Frank has already expressed interest in reintroducing legislation that would counter the UIGEA, reportedly telling the press that the bill to license and regulate online poker and Internet gambling would be introduced “after the break, definitely in April,” referring to when Congress reconvenes this week.
And, according to Poker News, Franks expressed belief to the Financial Times that the "chances for the new legislation to become law to be much better than had been the case for the IGREA, both because of the change in administration as well as 'because public opinion [is] demanding the right to gamble online.'"
Unfortunately, we can't share the names of the online gambling stocks here without unfairly pumping the stock. That's what happens when thousands of readers get your advice every day. But you can get more in this SC Trading Pit article, though. And if you're not yet a reader, click here.