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This may be the beginning of a new beginning for online gambling. As you all know, the US had banned Internet gambling in 2006. House Financial Services chairman, Barney Frank is introducing a Bill that could pave the way to legalize online casinos in the US through a licensing and regulatory regime.

Ironically, the ban has not stopped US citizens from gambling at online gaming sites operating from offshore locations. With the recession making a dent in the American economy, everyone is thinking of new ways to bring in revenues. In fact, a PricewaterhouseCoopers study has estimated that the US government can raise more than $ 50 billion from taxes in ten years.

Citing the tax revenues that online gambling can bring, Frank has been quoted in media reports saying rather optimistically about the proposed legislation, “The more people need revenue, the better chance it has.”

Though an earlier effort in 2007 failed, some believe that Frank’s efforts may not be in vain this time round.  It is expected that the Obama government may amend the Unlawful Internet Gambling Enforcement Act at the very least as the Democrats are perceived as pro-gambling, compared to Republicans.

Internationally, the law has been faulted as a violation of the World Trade Organisation norms.

At home, it is argued that the present law does not define what constitutes unlawful online gambling. For instance, online horse betting is allowed.

Though there is a ban on processing of payments that favor online gambling, it has been dubbed an enforcement nightmare. Most often, the onus is on the online casino and players to reconcile the state and federal laws to determine the legal status of their actions.

Banks have also found it difficult to toe the line and have been accused of over-conforming by keeping out state run lotteries as well.

However anti-online gambling lobbies, including the National Football League and the Christian Coalition are also working overtime to mobilize public opinion against legalizing online gambling.

Meanwhile, the Safe and Secure Internet Gambling Initiative which is backing the Bill has highlighted the consumer friendly clauses that seeks to prevent addiction, fraud, identity theft and underage gambling.

Be that as it may, you are well aware that Cool Cat Casino is one of the websites which has always welcomed all US players and has put in place payment mechanisms which are acceptable to them, on the condition that they gamble responsibly and in accordance with local jurisdiction. That will not change much, will it?