The Joint Committee on Taxation recently conducted a review of legislation that will lift the current ban of online gambling. The analysis conducted by the non-partisan congressional scorekeeper showed that allowing online gambling would raise almost $42 billion for the US Treasury over the next ten years.

The new legislation would allow online poker but still ban other forms including betting on pro sports leagues. This analysis will definitely help Barney Frank with his legislation he is trying to have passed. Frank hopes that his committee will formally consider his bill very soon.

As of right now about 60 House lawmakers have signed to support Frank’s bill, which would legalize and regulate online gambling. Many have suggested that the source of revenue from legalized online gambling is being wasted.

Rep. Jim McDermott (D., Wash.) is a supporter of the measure. He commented: “I’m always looking for money to deal with some of the problems I see out there. This looked like a good place to find some revenue.”

"With the completed analysis and support for Internet gambling regulation growing daily, it's only a matter of time before Congress acts and begins allocating the billions in new revenue sitting on the table to one program or another," Michael Waxman, a spokesman for the Safe and Secure Internet Gambling Initiative group. This group is lobbying for the ban to be lifted.




- 2009-10-30