from the let-disintermediation-have-its-way dept.
Hugh Pickens writes "Representative Barney Frank of Massachusetts has introduced legislation that would roll back a ban on Internet gambling enacted when Republicans led Congress. The legislation would allow the Treasury Department to license and regulate online gambling companies that serve American customers. Frank's bill has roughly two dozen co-sponsors and the backing of the The Poker Players Alliance, with over a million members. But opponents are mobilizing to defeat the bill including social conservatives and professional and amateur sports organizations, which say more gambling opportunities could threaten the integrity of their competition. 'Illegal offshore Internet gambling sites are a criminal enterprise, and allowing them to operate unfettered in the United States would present a clear danger to our youth, who are subject to becoming addicted to gambling at an early age,' says Representative Spencer Bachus, Republican of Alabama and the ranking member on the House Financial Services Committee. Another powerful roadblock could be the Senate majority leader, Harry Reid, Democrat of Nevada. 'Gaming is an important industry to the state, and anything that affects it will be reviewed carefully,' says Reid's spokesman."