Fifty billion dollars.

That's what America is leaving on the table by not legalizing, regulating, and taxing online gambling right now.

Fifty billion dollars.

According to a report by PriceWaterhouseCoopers (PWC), America could raise over $50 billion by repealing the UIGEA and taking online gambling.

Fifty billion dollars.

Now, y'all might remember that last year I wrote about a similar report by PWC that stated potential online revenues of only $42 billion.

So, what changed in the meantime?

Nothing. In fact, that is the most startling part of this report.

Last year's analysis factored in the likely effects of the UIGEA and its then-probable dampening effect on the online gambling industry.

This year's analysis realized that the UIGEA, in fact, has done very little to stop the growth of the online gambling industry, and therefore PWC increased the upper limit of the industry's potential by another 20%, given that the industry obviously is stronger than they originally expected.

So there you go.

As this report underscores, the UIGEA represents the worst kind of legislation.

Regardless of where you stand on people's personal rights to spend their money where they want, you still have to marvel at the UIGEA's ability to injure the online gambling industry even while it is failing to stop the activity from increasing.

A true paradox.

This all shows a remarkable similarity to other failed forms of prohibition, from alcohol to drugs. The more the government tries to stop people from vices, the more they just drive the activity underground, where it can not be taxed and regulated.

Even the usually-conservative free market think tank, the Competitive Enterprise Institute published an article this week touting the positives of online gambling.

Congratulations are in order for Bill Frist, Jon Kyl, and the rest of the evangelical Republican right-wing social conservatives. By forcing the UIGEA down the throats of Americans, they succeeded in creating another billion dollar black-market industry.

Nice work, guys. America couldn't use the billions of potential dollars right now, could it?

Luckily, we are seeing a bit of a governmental thaw towards these unrealistic policies now that Obama has taken power.

Not only is this administration immediately taking a much softer line against marijuana, but hopefully we will see Barney Frank re-launch his bill to repeal the UIGEA.

My only question is: Is this bill by Barney Frank even necessary?

Wouldn't it be much quicker and easier to simply use the Congressional Review Act to stop the UIGEA from going into enforcement? My contacts tell me that the CRE definitely applies in this case, but for some reason the Dems seem reluctant to use it.

It's not too late and, uh, the economy could kinda use that money ASAP.