Almost everyone who places bets online has known for a long time that our friend in Congress is Rep. Barney Frank, but Frank will eventually need his bill to get through the Senate before we're really looking good. And today I'm hearing that Senator Menendez (D-NJ) is introducing a bill designed to regulate and tax online poker rather than ban it altogether.

It would establish a regulatory framework that would allow online poker companies to register in the U.S. It would put in place consumer protections such as ensuring an individual is logging on from a jurisdiction where gambling is legal, and having accurate age-verification procedures.

Unfortunately Menendez's bill only deals with poker and neglects the rest of online gambling, but it's a start. I've always known taking care of the UIGEA would be tougher in the Senate as opposed to the House, and Frank hasn't exactly been having an easy time of things. It was the Senate the initially steamrolled the UIGEA in by attaching it to a Port Security Act after all. But Menendez has given us more hope that common sense may prevail when it comes to online gambling legislation.

Like I said the other day, things are definitely moving in our direction, and now we have a point man in the Senate and we can start putting some pressure on other Senators to follow suit.