Online gambling proponents may have to wait a little longer for the passage of federal legislation that would legalize betting on the Internet. Congress is tied up with other pressing issues.

Macquarie Securities gaming analyst Joel Simkins told investors not to bet the house on Internet gambling becoming legal anytime soon.

His prognosis comes despite a White House that is seemingly friendlier toward Internet gamblers and the support of Rep. Barney Frank, D-Mass., who plans to reintroduce a bill after the Easter holiday that would legalize and regulate Internet gaming.

After checking with Washington, D.C., lobbyist contacts and casino company operators dialed into Capitol Hill, Simkins put steep odds on the issue seeing any light.

"We see little reason for investors to try to play this near-term," Simkins said.