Revoke of US Internet Gambling Ban Being Considered - 03-16-07
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March 16 - There is talk that Congressman Barney Frank may introduce legislation that would retract the online gambling ban. This would send online-gaming shares higher.
A spokeswoman for Barney Frank - Heather Wong stated that the legislator is in the assessment stage of drafting a bill for the reversal of the decision by Congress last year to ban the collection of credit-card payments from online gambling sites.
The news of this possible repeal has sent PartyGaming shares up 13%, which is the most since December 2005. Sportingbet, also gained 5.4% and 888 saw a rise of 3.9%.
After the Congress suddenly passed the ban online-gambling stocks saw a plummet across Europe. PartyGaming lost approximately 3/4 of its revenue as a result of the end of it's U.S. operations and 888 lost about half its revenue.
