In a nut shell, Democrat Barney Frank of Massachusetts as Chairman of the Financial Services Committee could be forced to push through internet gambling regulation during the lame duck session assuming his party loses control of the House. This makes a Republican sweep of the House of Representatives the outcome the pro regulation faction of the industry would like to see happen, as does the banking industry which Frank serves, but lets take another look at that scenario.
Representative Spencer Bachus of Alabama is currently the highest ranking Republican on the Financial Services Subcommittee which is chaired by Barney Frank.
Bachus is part of the GOP establishment that is against any form of internet gambling and has been trying to block Frank's pro internet gambling agenda. Meanwhile Tea Party favorite Ron Paul has supported Frank's regulation initiative. Paul is considered a friend to the online gambling industry while only being a "friend of convenience" to fellow Republican and GOP shill Bachus.
If the Tea Party helps the Republicans gain control of the House, do not expect all the freshmen Congressmen and Congresswomen to fall in line with the GOP establishment, especially in matters such as freedom of liberty.
Most if not all will follow Ron Paul's lead and I expect him to get serious consideration as a 2012 Presidential candidate so you might want to grab some Ron Paul 2012 Presidential Futures at 60 to 1 odds. Keep in mind this is the first wave of "throw the bums out of office" which will continue in 2012 and 2016 if the economy does not get better. Now more than ever voters are encourages to support candidates that will agree to support legislation to regulate the industry.