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A law passed in the final hours of the Republican-controlled Congress in 2006, making it illegal for banks to send payments to and from online casino websites could be repealed very soon. Rep. Barney Frank is currently working on repealing the online gambling law passed literally in the final Congress hours and attached to unrelated bill. The Unlawful Internet Gambling Enforcement Act put enormous pressure on the banks to control and police transactions to and from online casinos and other gambling websites, especially when no clear definition of illegal online gambling was given in the bill. Furthermore, "overblocking" of online gambling transactions was allowed for the banks by the law, which led to some legal state lotteries and horse racing websites to experience block of payments by their customers.
But Rep. Barney Frank, who is chairing the committee overseeing the banking industry, is now preparing to repeal this online casino law and take it off the books, effectively removing the bothersome requirement in the current financial situation all over the world. Rumors are also spreading that legalizing online casinos in the United States may also be in the works, considering it could bring billions in taxes yearly for the country.
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