Over the last couple of months we have been tracking the progress of Massachusetts Representative Barney Frank’s proposed bill that would make online gambling legal in the USA once and for all.

As we have reported, the online gambling bill has garnered a lot of support from Barney’s fellow congress members, gaining over 50 cosponsors since it was brought into consideration a few months back.  The combination of a Democrat-controlled congress and a government desperate for tax revenues has created the perfect climate for this historic legislation to pass.

In fact, chances of the bill’s success looked so good that Goldman Sachs even issued a statement to its clients saying that they predict this legislation will indeed pass.

However, at the recent International Masters of Gaming Law conference, noted gambling law expert Tony Cabot wasn’t so sure that Frank’s online gambling law had any chance of passing.

Citing the upcoming midterm elections in 2010 and the political implications of pushing for more widespread gambling, Cabot doesn’t seem to think that politicians will have the guts to support this controversial piece of legislation.

How Would “legalized” online gambling affect you?

Right now online gambling is in a legal gray area.  While it is not technically illegal to gamble online in most states, it IS illegal to keep your online gambling accounts in the hands of US financial institutions.

Have you ever noticed that withdrawing money from your online casino account can seem to take forever?  That’s because online gambling companies are forced to use offshore banks to safely store your funds.  While this makes the gambling transactions legal, it makes transferring money a huge pain.

If gambling were to be legalized, not only would transferring money become far more streamlined, the casinos would pay taxes to the government to the sum of an estimated 50 billion dollars over 10 years.

What do you think?  Is it a good idea to legalize online gambling or is it a slippery slope? Let us know in the comment section below!

If you don’t want to wait around for the politicians to make a move, just start playing your favorite casino games online right now!  Click on the Play Now button below to get started!

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Jeff White

Jeff has been an active gambler from the age of 18 when he won a small local poker tournament in San Jose, CA. He moved on to playing other casino games shortly thereafter, with a great interest in the statistics and mathematics involved. He has studied the historical gambling systems of nearly every popular casino game played today, and has written strategy books for several of them including blackjack, slot machines, craps, and roulette. Jeff has been a daily contributor to the Silver Oak Casino blog since the beginning of 2009.