US poker drought may be history

WASHINGTON - APRIL 20: A worker looks for defective bills in a bundle of newly printed twenty dollar bills as they are prepared for distribution to financial institutions April 20, 2005 at the Department of the Treasury Bureau of Engraving and Printing in Washington, DC. Regardless of its denomination, a bill, or banknote, costs 6 cents to produce. A dollar bill lasts about 22 months. (Photo by Joe Raedle/Getty Images)The end of the online poker drought for players in the United States is almost in sight. After years of frustration created by the Unlawful Gambling Act, which effectively made most forms of online betting illegal, legislation has been passed that promises to overturn this unpopular law.

Last week the United States House Financial Services Committee met to pass the  a bill that will overturn much of the Unlawful Internet Gambling Enforcement Act.

"The fact that Barney Frank introduced HR6870, the Payments System Protection Act, on a Thursday and had it marked up Tuesday shows that he's motivated to overturn the UIGEA," said Jay Lakin, vice president of Poker Source Online . "Maybe there is finally a light at the end of the tunnel."

The return of online poker, and the re-entry of several major poker providers into the American markets could also ultimately rejuvenate online sports betting in the United States. This is because funds deposited by players in poker accounts could be easily transferred to sportsbooks without these transactions being traceable.

The return of online gaming to markets in the United States may even hold the potential to help rejuvenate the ailing economy. With one of strongest gambling cultures in the world, United States  based gamblers have the potential to pump billions of dollars into the economy.