An online gambling savior maybe here! Rep. Barney Frank stated that in the coming week he plans to provide details on possible legislation to repeal a ban imposed last year on online gambling.  The Chairman of the House of Representatives Financial Services Committee said he is in no hurry and plans to consult with others on the matter.   According to Mr. Frank, “I’m not ready to give you more details, but I will be by next week or so. We’ll talk more about it later. There’s no urgency on it.”

Last year Internet gambling in the US was banned last October by President George W. Bush when he signed legislation outlawing gaming financial transactions.  The ban has killed online gambling stocks such as England’s PartyGaming.  PartyGaming shares jumped 5% on the London Stock Exchange because of Mr. Frank’s remarks.

U.S. prosecutors have launched an investigation into Internet gambling and the U.S. Department of Justice has demanded information from several big investment banks as part of the investigation.