Frank is set to make an announcement today about his plans to repeal the UIGEA at a press conference scheduled for 10am ET. Part of his focus is set to be on the massive tax incentive for the US to legalize and regulate the industry, with annual figures of $20 billion being suggested.

Yesterday Frank spoke about the UIGEA, saying: “It is a terrible idea and there are large numbers of people who think the same.”

Frank’s proposed challenge to the UIGEA has been greeted with delirium with many in the industry, especially the Poker Players Alliance. Michael Bolcerek, president of the PPA, said: “We’re incredibly excited and very interested to know what the final version will look like.”