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In a recent note to investors Goldman Sachs is predicting that the US will legalize and regulate the online gambling industry. It is another example of how a growing number of people believe the legalization of Internet gambling is inevitable.

Representative Barney Frank (MA Congressman) has introduced two key pieces of legislation regarding online gambling. The first would be to delay the rules from the Unlawful Internet Gambling Enforcement Act from going into effect in December.

The second is the more interesting Bill for online casinos. The legislation calls for legalization and regulation of online gambling in the US. Frank has tried before to overturn the UIGEA, but his latest attempt seams to have much more support, particularly from the general public who are taking notice.

Goldman Sachs writes in its note to investors "We believe it is logical to assume that the US market will eventually regulate, given the potential implications for US tax take, if nothing else."

There is a strong likelihood that online poker is legalized in a number of states before the federal government makes any changes to the current laws. Frank's House Finance Committee is focusing their attention on the economy, so the Internet gambling debate has been delayed until at least September.

Even with the delay, Frank insists that the legislation will be passed, and suggests that online casino players in the US should be patient. Online poker players received a jolt a couple of weeks ago when the US government seized bank accounts that held money for US player payouts.

Several online poker rooms had temporarily stopped accepting deposits, but as of late last week the sites were once again taking the player deposits. The move by the government may have backfired, with more people in the US now joining the call for the right to gamble online.