Hope is a powerful thing, even when it’s just a small flicker. Calling it “the stupidest law,” Democratic US Rep. Barney Frank announced yesterday that the Unlawful Internet Enforcement Gambling Act may be overturned sometime this year. In response, gaming shares jumped. This news also revitalized hopes that Ladbrokes will make a takeover bid for 888 Holdings. This is a great time to keep buying the Ladbrokes 7 1/8 Percent 07/2012 Bonds from the Taxable Portfolio.

In related news, earlier this week, new rules were placed on gambling companies regarding their advertisements on television and radio. Gambling companies won’t be allowed to encourage irresponsible behavior, lead people to believe that gambling is a solution to financial woes, make gambling seem “seductive” or increase its attractiveness, among other regulations.

There’s also pressure on the gambling companies to fund the Responsibility in Gambling Trust. The trust funds education, treatment programs and public awareness of gambling. Ladbrokes, along with several other major gaming companies, have chipped in and assured their funding of the trust.