Online Casino Transfer: News - Washington Times Estimates Billions

08/15/2010		Online Casino Style: News Washington Times Estimates Billions
Home History Games News Dictionary		Another report has become available that demonstrates with sheer number power the potential that the American online gambling market would have, should legislators get on the ball and overturn the Unlawful Internet Gambling Enforcement Act of 2006. A piece in the Washington Times highlights the best of the fiscal casing for legalization of internet casinos, estimating that the industry in the US could be worth billions of dollars. The timing couldn’t be more perfect, as Congressman Barney’s Frank’s bill heads to the House’s Financial Services Committee for its final mark-up. If it were to pass, the UIGEA would be effectively overturned, and a regulatory layout created for the internet gambling industry of the US, expected to be the most lucrative in the world. Existing policy puts gamblers in danger as they can only access internet casinos offshore, and without regulation or protection. Calling the current law “draconian” the Washington Times piece does allow for the complexity of the issue, most of which relates directly to the failure of the UIGEA as a whole, as it forces an unprepared financial sector to police the prohibition on internet gambling. Instead, the passage of Frank’s HR 2267 will make easy way for its brother-bill, drafted by Representative Jim McDermott which outlines the regulation and enforcement for responsible legalization of the industry. McDermott’s bill lays out a 6 percent levy on all deposits made to internet gambling websites, a fact that alone could result in as much as $42 billion in federal taxes over the next ten years – money desperately needed to help the US government fish themselves out of recession. Forty-two states allow for lotteries; with the new laws they will be able to offer their services online, generating another $25 billion a year. States that permit gambling in Indian-run establishments will be able to open their best games to online versions, creating yet another $27 billion in funds. "Government-sanctioned gambling is big business, generating an annual profit of $92 billion," reads the Washington editorial. "Protecting this cash cow from upstart online competitors was the priority for the [land] industry lobbyists who succeeded in enacting the Internet gambling ban four years ago. Mr. Frank's proposal represents a far less burdensome and intrusive regime than existing law. Passage of his legalization measure without Mr. McDermott's companion tax measure would be ideal, but it's unlikely.”

08/15/2010

Online Casino Style: News
Washington Times Estimates Billions

Another report has become available that demonstrates with sheer number power the potential that the American online gambling market would have, should legislators get on the ball and overturn the Unlawful Internet Gambling Enforcement Act of 2006. A piece in the Washington Times highlights the best of the fiscal casing for legalization of internet casinos, estimating that the industry in the US could be worth billions of dollars.

The timing couldn’t be more perfect, as Congressman Barney’s Frank’s bill heads to the House’s Financial Services Committee for its final mark-up. If it were to pass, the UIGEA would be effectively overturned, and a regulatory layout created for the internet gambling industry of the US, expected to be the most lucrative in the world. Existing policy puts gamblers in danger as they can only access internet casinos offshore, and without regulation or protection.

Calling the current law “draconian” the Washington Times piece does allow for the complexity of the issue, most of which relates directly to the failure of the UIGEA as a whole, as it forces an unprepared financial sector to police the prohibition on internet gambling. Instead, the passage of Frank’s HR 2267 will make easy way for its brother-bill, drafted by Representative Jim McDermott which outlines the regulation and enforcement for responsible legalization of the industry.

McDermott’s bill lays out a 6 percent levy on all deposits made to internet gambling websites, a fact that alone could result in as much as $42 billion in federal taxes over the next ten years – money desperately needed to help the US government fish themselves out of recession. Forty-two states allow for lotteries; with the new laws they will be able to offer their services online, generating another $25 billion a year. States that permit gambling in Indian-run establishments will be able to open their best games to online versions, creating yet another $27 billion in funds.

"Government-sanctioned gambling is big business, generating an annual profit of $92 billion," reads the Washington editorial. "Protecting this cash cow from upstart online competitors was the priority for the [land] industry lobbyists who succeeded in enacting the Internet gambling ban four years ago. Mr. Frank's proposal represents a far less burdensome and intrusive regime than existing law. Passage of his legalization measure without Mr. McDermott's companion tax measure would be ideal, but it's unlikely.”