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Support for Frank Gambling Bill Gains Momentum - 07-03-09 |
July 3 - Support for change in the current online gambling system in the United States is gaining momentum, with a number of interesting developments occurring over the past week.
First of all, five new co-sponsors signed on to Barney Frank's proposed changes to online gambling legislation, in a bid to end the controversial Unlawful Internet Gambling Enforcement Act (UIGEA).
The co-sponsors include: Earl Blumenauer (Oregon), Neil Abercrombie (Hawaii), Bill Foster (Illinois), Jerrold Nadler (New York) and Tim Ryan (Ohio).
While support is growing for Rep. Barney Frank's law, the politician has stated that the issue will need to wait for at least September in order have discussions begin. Nevertheless, Frank is still hard at work drumming up support so that there is good chance for changes to occur when the time is right.
Another interesting development this week was an opinion offered by investment bankers Goldman Sachs who issued a note to their investors. The note predicted that the United States will regulate and legalize its online gambling industry sooner rather than later.
"We believe it is logical to assume that the US market will eventually regulate, given the potential implications for US tax take, if nothing else," said the note. "Based on a simple 'grossing up' of PartyGaming's rake relative to its 9 percent market share, the US poker market alone was worth $1.5 billion in 2008."
"Were the market to be legalized," continued the note, "we believe that the size of the revenue opportunity could increase materially. Based on an assumption of 30 percent penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3 billion a year."
Party Gaming is one of the biggest online gambling firms in the world and offers its products through a number of gaming platforms, including Party Casino, Party Bingo and Party Poker.
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