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.
The Kentucky Supreme Court heard arguments on Thursday on whether the Common Wealth of Kentucky has the power to seize 141 domains belonging to online gambling sites.
Previously a Franklin Circuit Court Judge ruled for the state saying it was allowed to seize the domain names, but the Court of Appeals overturned that decision. The case was then appealed to the Supreme Court.
The U.S. 3rd Circuit Court of Appeals in Philadelphia upheld the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, rejecting that the law was vague and violated individual privacy rights.
The law was challenged by the Washington, DC-based trade association Interactive Media Entertainment & Gaming Association (IMEGA), on behalf of the Internet gambling industry.
The FBI has announced the indictment of a Canadian man for his role in processing more than $350 million for Internet gambling companies.
According to the indictment, Douglas Rennick, 34, opened bank accounts in the U.S. from 2007 to June 2009, under a variety of corporate names and "falsely represented that the accounts would be used for such purposes as issuing rebate checks, refund checks, sponsorship checks, and affiliate checks and minor payroll processing."
The European Commission has released a report that finds U.S. laws on Internet gambling are not legally justified and discriminate against foreign Internet gambling operators.
Financial Services Committee Chairman Barney Frank (D-MA) has introduced legislation that would allow Americans to bet online and end a 3-year-old ban on Internet gambling.
The Internet Gambling Regulation, Consumer Protection, and Enforcement Act would create a federal regulatory and enforcement framework allowing Internet gambling operators to obtain licenses to accept wages from people in the United States.
A bill that would repeal the U.S. ban on online gambling is set to be introduced next week by U.S. Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee.
Online gambling could generate $52 billion in revenue in the U.S. over the next ten years if the three-year-old ban on Internet gambling was lifted and the government taxed the industry, according to a recent study from PricewaterhouseCoopers.
The European Commission said today that U.S. laws restricting online gambling violate World Trade Organization (WTO) rules.
The commission said WTO proceedings against the U.S. would be justified but that the EU would first seek a way to find a negotiated solution on the issue.
Online gambling could generate $52 billion in revenue in the U.S. over the next ten years if the three-year-old-ban on Internet gambling was repealed and the government taxed the industry, according to a new study.
The study by accounting firm PricewaterhouseCoopers could influence Congress to lift the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA).
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