Passing Reid-Kyl doesn't have to be so tough.

Could online poker revenues prevent a fiscal catastrophe in the United States? That’s the point financial blogger Travis Hoium made in very interesting posting on Motley Fool this week.

According to Hoium, the US Government is currently making the classic mistake of leaving money on the table by not passing a Federal-level online gaming bill. He, quite correctly, points out that by waffling on Reid-Kyl, the Feds are losing valuable ground to the states.

From the Federal point of view, online gambling is currently sitting in a legal gray area. That’s because the DOJ’s reinterpretation of the Federal Wire Act basically left legalization, and regulation, of online poker to state government that were willing to do the legislative heavy lifting.

Of course it doesn’t have to be that way. In a burst of bright-eyed optimism, Hoium suggests that passing Redi-Kyl, and grabbing the associated revenue windfall, could be as simple as inserting it in an unrelated bill. (Hey, it worked for the UIGEA.)

While we’re not certain the US Congress is capable of taking the sensible path on this issue, we agree with Hoium’s general idea.

At a time when Congress is bitterly divided on the question of how to raise revenue without raising taxes, Federally regulated online gaming is pretty safe bet.

Do you think the Feds will get their acts together on this issue? Share your thoughts in the comments section below.

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