Online Casino Transfer: News - McDermott Bill Debated

05/31/2010		Online Casino Style: News McDermott Bill Debated - 3
Home History Games News Dictionary		continued from McDermott Bill Debated - 2 The dangers associated with online gambling haven’t changed either, with fraud, money laundering, identity theft, underage and problem gambling all continuing to play convenient roles in the arguments against the industry. Under current law, when gamblers get cheated, they have no protection, no recourse. But by far, the motivating factor for the politicians is the money – not only the funds generated through levying internet gambling services, but the jobs that legalization would create within the US as well. According to McDermott’s estimations, legalization could generate as much as $42 billion in new monies, with a large portion of that stemming from the taxes derived from winning players. His bill, HR 4976, would also place a 0.25 percent tax on all bets, to be paid by the internet casinos themselves. The feds would take a 2 percent levy on all player deposits. For Indian tribes, which currently carry a exclusive contract on gambling in many counties, there is the inclusion of a clause that would pay them up to six percent on the monies, instead of paying the state and federal taxes. The tribes alone would stand to make $30 billion over the next ten years. According to a report by the Associated Press, a surprising number of analysts believe that the measure will NOT get approved this year; supporters have admitted that the likelihood of passage may be slim, but also recognize the importance of laying the groundwork for change now. For this very reason, opponents have called not only this meeting with the Ways and Means Committee a waste of time, saying that there are more important things at hand. Virginian Republican Bob Goodlatte pointed out that all of the nation’s attorneys general have opposed legalization since online gambling was banned. Some of the lawmakers are of a split decision: "Common sense regulation of gaming on the Internet will protect American consumers, and I believe it will create at least 32 000 jobs," said Representative Shelley Berkley. "I am unable at this time to support this special tax called for by Mr. McDermott's bill. The issue of taxation and legalization are separate and distinct." Berkley also put on record that she believed that legalization “…will ensure that U.S. players are able to choose operators based on their integrity and security, and not just their availability.”

05/31/2010

Online Casino Style: News
McDermott Bill Debated - 3

continued from McDermott Bill Debated - 2

The dangers associated with online gambling haven’t changed either, with fraud, money laundering, identity theft, underage and problem gambling all continuing to play convenient roles in the arguments against the industry. Under current law, when gamblers get cheated, they have no protection, no recourse. But by far, the motivating factor for the politicians is the money – not only the funds generated through levying internet gambling services, but the jobs that legalization would create within the US as well.

According to McDermott’s estimations, legalization could generate as much as $42 billion in new monies, with a large portion of that stemming from the taxes derived from winning players. His bill, HR 4976, would also place a 0.25 percent tax on all bets, to be paid by the internet casinos themselves. The feds would take a 2 percent levy on all player deposits. For Indian tribes, which currently carry a exclusive contract on gambling in many counties, there is the inclusion of a clause that would pay them up to six percent on the monies, instead of paying the state and federal taxes. The tribes alone would stand to make $30 billion over the next ten years.

According to a report by the Associated Press, a surprising number of analysts believe that the measure will NOT get approved this year; supporters have admitted that the likelihood of passage may be slim, but also recognize the importance of laying the groundwork for change now. For this very reason, opponents have called not only this meeting with the Ways and Means Committee a waste of time, saying that there are more important things at hand. Virginian Republican Bob Goodlatte pointed out that all of the nation’s attorneys general have opposed legalization since online gambling was banned.

Some of the lawmakers are of a split decision: "Common sense regulation of gaming on the Internet will protect American consumers, and I believe it will create at least 32 000 jobs," said Representative Shelley Berkley. "I am unable at this time to support this special tax called for by Mr. McDermott's bill. The issue of taxation and legalization are separate and distinct." Berkley also put on record that she believed that legalization “…will ensure that U.S. players are able to choose operators based on their integrity and security, and not just their availability.”