Beware Biased Coverage of Dow Jones Deal

Though things looked grim, what with online gambling officials being carted off to American jails and the business media talking about the activity (literally) in the past tense, The Business Press Maven was pointing to the historic incompetence and temporary nature of government crackdowns. Said me: "History is on the side of a comeback, from alcohol in the time of Prohibition to healthcare in the waxing years of Clinton." To online gaming in the reign of Bush?

Look at these recent headlines and tell me if this ain't true. And even if you are not interested in investing in the stocks of PartyGaming, 888 Holdings and Sportingbet, which have seen signs of life lately (though they are only for the super-aggressive), you must realize that once again the media have been wrong in assuming the government was right.

Here is a basket of recent -- all encouraging -- headlines and leads on the topic. Note to readers: I look forward to resuming my online poker career.

From Business Week, this ace: Brighter Days for Online Betting?: "Signs that the U.S. may reconsider its 2006 online gambling ban offer European operators hope for reentry into the lucrative U.S. market."

From the Financial Times, we have a pair:

US lawmaker gives online gaming hope of repealing ban: "Shares of online gaming companies jumped yesterday after a powerful Democratic lawmaker gave the industry a glimmer of hope that the internet gaming ban passed in the US Congress last year might be repealed.

"Barney Frank, the Democratic chairman of the House financial services committee, said in an interview with the Financial Times that the ban, formally known as the Unlawful Enforcement Gambling Act, was one of the 'stupidest laws' ever passed."