Quantcast

Legalized Online Gambling Would Bring In Billions

$42 billion over 10 years

Get the WebProNews Newsletter:


[ Life]

A Joint Committee on Taxation report released today by Rep. Jim McDermott (D-WA) found that regulating Internet gambling would generate roughly $42 billion over 10 years.

The report is based on the requirement of a federal license for operators that would allow them to offer online gambling throughout the United States, while keeping the federal prohibition on any form of sports betting.

"This analysis further reinforces the fact that a regulated environment will generate billions in new revenue to offset the costs of health care reform or other vital government programs," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative.

"With the completed analysis, and support for Internet gambling regulation growing daily, it’s only a matter of time before Congress acts and begins allocating the billions in new revenue sitting on the table to one program or another."

Online-Gambling

Representative Barney Frank (D-MA) has introduced legislation that would legalize Internet gambling and McDermott has a companion bill that would collect tax revenues on online gambling.

"We believe this tax revenue analysis will encourage immediate discussions and consideration of pending legislation to regulate Internet gambling," said Waxman.  

"With everyone acknowledging that attempts to prohibit the activity have failed, this provides even more incentive for Congress to act."

Currently the amount of revenue that remains uncollected while Americans gamble online is more than $100 billion annually.

 

Related Articles:

> Kentucky Supreme Court Hears Online Gambling Case

> Online Poker Players Expose Cheaters

> Americans Favor Legalizing Online Poker

 

Legalized Online Gambling Would Bring In Billions
Top Rated White Papers and Resources
  • Steve

    How about we just legalize marijuana?

    It would trump the online gambling revenue by at least 10 fold.

    Also you can’t make a shirt out of gambling, but you can sure loose one!

  • http://www.packagedhosting.com Packaged Hosting

    42 billion in just 10 years!

    The mind boggles at how many broken families, shattered lives, depressed people, lost houses, lost jobs, battered partners, drug addicts, prostitues and so on that 42 billion equates to???

  • http://www.texas-hold-free.com Jeff

    I agree, we live in too advanced a society to allow citizens to harm themselves in these ways. We have a powerful military. We should bring our troops back, lock everyone in their own homes (we’d allow everyone to decorate as they see fit, as long as it meets government safety standards, of course). Then I envision government jobs for everyone in their own living room, balanced diets served through the bars on a regular schedule, and a mandated excercise program. Without the need for cars, we could solve global warming in no time. No need for seat belt laws, with nobody driving. No more motorcycle accidents, no irresponsible drownings.

    I have a clumsy friend who falls and injures her leg at least once a month. I’m tired of paying for her accidents through my tax dollars, we really should strap her in a chair. She’s a little over weight though, so with her tied down, we could regulate her food intake. Utopia, here we come! Man, too bad we weren’t around to advise God, Eve never would have got hold of that stupid apple and we’d still be living in bliss. Now if the government would just sew Glenn Beck’s mouth shut we could probably make some progress, don’t ya think.

    Poker doesn’t ruin peoples lives, lack of self-control does. Responsibility can’t be regulated, it is learned from experience. I play poker online. (check out http://www.texas-hold-free.com ) I am 32 years old, self employed, and own my own home which will be completely paid off within 6 months. I’m happily married. Not quite sure what drug addiction and prostitution have to do with online poker, I’m pretty sure they are already against the law. Taking away my neighbors freedom is not going to make this world a better place. Someone correct me if I’m wrong. I think we still have the right to an opinion – at least today.

  • Average Joe

    As a former gambler, I can tell you that this would be a bad idea. Gambling for some can be a simple recreational activity, however, there are many others that can get addicted. And once hooked, it is very very difficult to quit.

    Gambling is bad enough as it is, but to legalize online gambling would create even more problems.

    In response to Jeff – yes, it is a lack of self control that leads to problematic gambling. But seriously, how do you expect things to improve when you allow people easy access to online gambling? Not everyone thinks the same way. Some people need more help in fighting against destructive vices like gambling.

  • Guest

    I agree with Jeff. So Average Joe can’t control himself, so we should ALL be punished! Right?

    So I guess we should outlaw everything that people might get addicted to, since there’s always a certain percentage of people who have no will power and can’t control themselves. So, hey, let’s outlaw the Internet, TV, sugar, soda, shopping and of course online games, right? Just because SOME people can’t control themselves, should EVERYONE be punished??? NO! I play online poker as well… you CANNOT take my freedom to do what I WANT with MY MONEY away from me.

  • Guest

    Over in Europe we have big problems with online gambling legislation. The people of Poland, France, the Netherlands, Germany and other countries have very little choices over what they can gamble over and with which online operators. There’s a campaign at www.right2bet.net trying to open gambling markets to give consumers greater choice and value. Please support the petition if you believe gamblers have rights!

  • Kenny B

    I though all the gambling sites are illegal to operate online? What are the legal ones?

  • Join for Access to Our Exclusive Web Tools
  • Sign Up For The Free Newsletter