I wonder what Mr. Frank (Wolf) thinks of Mr. (Barney) Frank

A few years ago Congressman Frank Wolf ranted in Congress that if UIGEA was not passed, people would be gambling in … (wait for it…) THEIR BATHROBES!!! Shocking I know. So many lives ruined. If they had only pulled on a t-shirt and a pair of jeans…

Anyhow, he voted for it:

In 2006, the Unlawful Internet Gambling Enforcement Act (UIGEA) was signed into law. This landmark legislation helps to cut off the flow of revenue to unlawful Internet gambling businesses. It outlaws receipt of checks, credit card charges, electronic funds transfers, and the like by such businesses. To do this, it enlists the assistance of banks, credit card issuers and other payment system participants to help stem the flow of gambling dollars.

This is about knowing all of the hard evidence about the byproducts of gambling – crime, corruption, family breakdown, suicide, bankruptcy – and not hearing our country’s leaders speaking out.

Where are the political leaders from both sides of the aisle? Religious leaders? Advocates for children, the poor and the elderly? Their silence is deafening.

It is time for Americans leaders to step forward and address the proliferation of gambling.

(Now replace gambling with banking and maybe we’re talking…UIBEA anyone? LOL)

Anyhow, as widely reported about a month ago, it now seems that the tide is turning, lead by Financial Services Committee Chairman Barney Frank – although I’m not really 100% why other than perhaps that the government needs the money more than it needs to pander to the anti-gambling minority? Or perhaps the gambling oligopolists have decided now they are ready to compete in this market? No idea. Or maybe the message on the absurdity of prohibition coming from the Park Paradigm has worked its magic! (Sure, it could happen…ok probably not.)

I was also pleasantly surprised to learn from (an excellent and newly discovered blog) Zerobeta, that Delaware was thinking about legalizing sports gambling (picking up on an ESPN article):

The newly elected Markell, who has spent the past several weeks listening to proponents of gambling as well its opponents, is much more of a pragmatist than a betting revolutionary. He hasn’t been to Vegas in nearly 15 years and almost never hits the race track/casinos (called racinos) in his home state. But the way he sees it is this: Delaware already allows horse racing and slots. And with the state currently $700M in the hole, offering the Pats minus-six over the Jets when bettors come by to drop a nickel in the slots isn’t amoral. As he told me a couple months ago, “you can’t really be half-pregnant.”

How refreshing. Legalize. Regulate. Tax. The best way to address Mr. Wolf’s concerns, not prohibition. And for those of you who want to trade the probability of this outcome, head over here to InTrade (HT to Chuck for the pointer.)

(Disclaimer: As some of you may know, I am an investor in Betfair and so have an interest in a free and regulated US market (given the current legislation Betfair does not trade in the US in compliance with all federal and state regulations.) However I would hope that those who know me and even regular readers know that my views on the subject are not driven by this investment. Indeed I would say this investment was driven by my views.)

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• Representative vows to put online gambling back in play (arstechnica.com)
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• Frank to Push to Repeal U.S. Online Gambling Ban (wired.com)

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