Congressman 'to repeal UIGEA'

2007-03-15 17:46:56

An influential US congressman has called the Unlawful Internet Gambling Enforcement Act "one of the stupidest laws ever passed" and will fight to have it repealed, it has been reported.

The Financial Times has said that Barney Frank, chairman of the house financial services committee, admitted to the paper that he was working on legislation that would rescind the act.

Following the revelation stocks in online gambling firms such as Cryptologic received a boost, with the online software provider's stock rising by five per cent.

However, a spokesman for Mr Frank has said that the proposal was still up in the air and would take some time to materialise.

"There's no draft, no text - this is very much still in the thinking stage," Steve Adamske told the Associated Press.

The US gambling market reported online revenues of $5.8 billion in 2005 as players enjoyed their favourite pastimes from the comfort of their own homes.



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