Bill allow gamblers to transfer money
A bill that would allow gamblers to transfer money from their bank accounts directly to online gambling sites is picking up some congressional momentum. The legislation, introduced by U.S. Rep. Barney Frank, D-Mass., in April, also provides for the federal regulation and licensing of Internet gambling. U.S. Rep. Jim McDermott -Â D-Wash, a co-sponsor of the bill, has introduced a companion bill that would tax reported gambling earnings and produce what he estimates is between $6 billion and $25 billion in federal revenue over the first five years. Under Frank’s bill, states and Indian tribes would have the option to prohibit Internet gambling within their borders. And, sports leagues, both professional and collegiate, could prohibit wagers on their games. The bill also requires safeguards to counteract underage gambling and gambling addiction. 
Thirty-six representatives have pledged their support as co-sponsors so far, including U.S. Rep. William Delahunt, D-Mass, who represents the Cape and Islands.