Some of the issues have been discussed recently in Wall St. Journal by one of those who was arrested yesterday, David Carruthers, CEO BetOnSports plc and a U.S. politician, Rep. Jim Leach (R-Iowa), who stands opposed. Each of us will have our own views on this issue. Mine were expressed yesterday.

Today, rumor that the U.S. Justice Dept would work a deal this week with those arrested, which would permit BetOnSports to resume operations, seems far-fetched, but is causing gaming stocks to rally in the U.K. market.

When money is involved, I think there is a need for regulation. The problem in a borderless digital world is regulation by whom? While others see this as impossible to regulate, I take the opposite view. Since the matter starts with taxation, including cross-border financial transactions " but does not end there " I believe that it should be resolved by agreement of the G-20 Finance Ministers and central bankers.

To put this matter to rest in this blog, my position is that electronic gaming ought to be legal and taxed and regulated.

So too does the Internet but that's where I do get antsy because I fear that regulation seldom ends up protecting the People but instead serving the friends of politicians and bankers.

The selling of products on the Internet is akin to the wild west. Sex, drugs, gambling, penny stocks " anything goes. Many of you believe that's the way it should be. I respectfully disagree.

Regarding prohibition of alcohol, just remember the term "speakeasy" referred to the closed doors of drinking establishments through which the patrons had to sweet talk their way inside. If only that were the case today, but, as I say, sex, drugs, gambling and penny stocks, etc., flourish because of zero-cost electronic marketing.

These vendors are not in hiding. There are no closed doors. They are out in the streets with the hard sell. Our digital mailboxes are full of the sales pitches and apparently, without regulation, there is nothing we can do about it.

Of course, even with regulation, there needs to be a budget for compliance, including investigation and prosecution. My beef is that the perps are known and the authorities allow them to carry on as they please.