Hearing Highlights Benefits Of Internet Gambling Regulation
The Safe and Secure Internet Gambling Initiative said today it strongly supports testimony by Reps. Barney Frank (D-MA) and Jim McDermott (D-WA) on the ability to regulate online gambling to protect consumers, collect billions in new government revenue and create thousands of new jobs in the U.S.
"Today’s witnesses clearly articulated why Congress should give fair consideration to regulating online gambling activity as a way to protect Americans, stimulate the economy by creating tens of thousands of new jobs and profit from the collection of tens of billions of otherwise lost revenue," said
Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative.
"Upon hearing today’s testimony and acknowledgment that current attempts to prohibit online gambling have failed, it simply makes sense for Congress to address this issue and take control of the thriving underground marketplace."
The main focus of the hearing was Rep.McDermott’s Internet Gambling Regulation and Tax Enforcement Act of 2010, which would generate as much as $72 billion in new revenue over ten years for federal and state governments. The legislation would also allocate 25 percent of federal revenue, estimated by the Congressional Joint Committee on Taxation at nearly $42 billion over 10 years, to provide assistance for those in foster care.
"With our national unemployment rate at more than 10 percent and all but six states anticipating budget shortfalls for the 2011 fiscal year, this legislation is a win-win," said Waxman.
"It’s not everyday that the opportunity to generate billions of dollars and creates tens of thousands of jobs comes along. Congress should seize the opportunity that this legislation presents and move forward in regulating Internet gambling."