In an attempt to build support for a bill that would roll back a ban on Internet gambling enacted when Republicans led Congress, the online gambling industry is running online ads noting that legal online gambling could raise $48 billion for the deficit-plagued U.S. government.

"At a time when the federal deficit is at record levels, regulation will raise up to $48 billion over 10 years," according to the ad. "In a struggling economic environment, regulated Internet gambling would generate billions in new revenue for federal and state governments to fund key economic and social programs," the ad continues on another screen.

Representative Barney Frank, D-Massachusetts, introduced legislation earlier this year, HR2267, that would allow the Treasury Department to license and regulate online gambling companies that serve American customers. Frank, who is chairman of the House Financial Services Committee, actually cited increased tax revenues as a reason to support the legislation.

Since introduction of the legislation, a bipartisan group of more than 50 co-sponsors have signed onto the bill, according to an article in PokerPagesOnline. Supporters include George Miller (D-CA), chairman of the Committee on Education and Labor; John Conyers (D-MI), chairman of the Committee on the Judiciary; Charles Rangel (D-NY), chairman of the Committee on Ways and Means; Edolphus Towns (D-NY), chairman of the Committee on Oversight and Government Reform; Pete King (R-NY), ranking member of the Homeland Security Committee; and Ron Paul (R-TX), vice-chairman of the Oversight and Investigations subcommittee.