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Internet gambling would be regulated and taxed according to a comprehensive tax reform bill introduced Tuesday in the US Senate by Sens. Ron Wyden, D-Ore, and Judd Gregg, R-N.H.

Any effort to repeal the United States’ federal ban on internet gambling appears set for failure unless Senate Majority Leader Harry Reid changes his mind and agrees that online wagering can be effectively regulated.

The shifting political landscape for internet gaming legislation was altered again this week when US Senate Majority Leader Harry Reid received a huge re-election boost through the nomination of a ‘Tea Party’ conservative as his Republican opponent in Nevada.

A new tax reform bill to which Internet gambling legislation has been attached is facing long odds of passage, according to Washington insiders.

US Senator Bob Menendez tells GamblingCompliance now is a ‘propitious time’ for his bill to exempt poker from the United States’ online gambling ban and adds that he plans to offer his measure as a revenue-raising vehicle during an upcoming hearing of the Senate Finance Committee.

If Republicans in the United States Senate wanted to filibuster internet gambling bills, theoretically, they could not. But promising as this development sounds, it doesn’t mean much for the sector’s legislative prospects, experts say.

An extended and sometimes heated debate on public housing legislation postponed a vote Tuesday by the House Financial Services Committee on Internet gambling, but the committee is expected to vote Wednesday on whether to legalize online betting.

Even though the House may vote early next year on legislation to legalise and regulate internet gambling, a less comprehensive bill in the Senate has a better chance of passing Congress, according to a key lobbyist working to repeal the online wagering ban.

Senator Robert Menendez of New Jersey is expected to imminently introduce a new internet gambling regulatory bill that differs from Barney Frank's current proposal, a Washington insider told GamblingCompliance.

The congresswoman who represents Las Vegas predicts the House next year will pass a bill to repeal an internet gambling ban, and refuses to rule out running against a beleaguered Nevada senator in 2012.