As reported by: Reuters
A trade group representing U.S. casino owners softened its opposition to Internet gambling on Thursday and called for a congressional study to evaluate whether online gambling could be regulated.

The group, the American Gaming Association, previously supported efforts to curb illegal Internet gambling, which generated an estimated $11.9 billion in revenue last year. Most cyber-gambling sites are operated by offshore companies.

Association President Frank Fahrenkopf said the board of directors "modified" its legislative position at a meeting on Wednesday and now favors a one-year study of Internet gambling by a commission which would report its finding to Congress.

"Such a commission could evaluate whether legalization, regulation and taxation -- on a state-option basis -- may be a more viable option than a complete ban on Internet gambling," Fahrenkopf said in a statement.

"Millions of Americans currently gamble online, and they will continue to do so. And many nations, including Great Britain, are in the process of legalizing, regulating and taxing online gambling," he added.

Shares in British online gaming companies rose in response to the casino industry group's decision, which raised hopes that pending U.S. legislation to crack down on Internet gambling will fail.
Article By: Reuters