Our biggest regret of the election season was that the ridiculous UIGEA prevented us from easily moving money into Intrade. Actually, nevermind. That ended up saving us a lot of money, since up until the end we were convinced that McCain’s odds should’ve been more like 4-1 rather than the 6-1 or 10-1 they were leading up to election day.
So, now that a Democrat occupies the White House and his party enjoys big majorities in Congress, is there any hope that online gambling laws will be relaxed. Perhaps ironically, Barney Frank is one of the big defenders of online gambling. And though he’s obviously a fan of market regulation, the one time we ever heard him reference Hayek was in a speech he gave at the CATO institute regarding repealing anti-gambling laws. You really should watch the video as its entertaining, compelling stuff.
Over at the 2+2 Forums, the largest online poker discussion community, there’s a good thread on the prospects for overturning the UIGEA or at least creating some new legal carve out for online poker. There’s some hope that the anti-gambling actions of the Bush Whitehouse could be relaxed, but nobod really thinks this will be a priority. And given Obama’s political prerogatives, it’s highly doubtful he’d willingly invest a dime of political capital into something dicey like this.
Actually, while we have a hard time envisioning Obama hanging out in a casino, McCain is an avid gambler. He might’ve offered a better path for online betting, except that as an ally of physical casinos, he’d have had little appetite to introduce more digital competition.