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Legalized U.S. Online Gambling Worth $42 billion


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According to an in-depth analysis conducted by the Joint Committee on
Taxation on the pros of legalizing and regulating online gambling in the
United States
, making the popular internet activity lawful could generate
$42 billion in taxable revenues for the U.S. Treasury over the next 10 years.

The Committee was asked to investigate the feasibility of legislation aimed at
legalizing and regulating online gambling in the country from an
independent tax standpoint, with no political or skewed agenda. And their
findings were pretty surprising, considering the taxable revenues only applied
to online poker.

The legislation would result in only the legalization of online poker, because
poker is considered to be more of a ‘game of skill’ than most other forms of
gambling. Which is why the legislation would continue to enforce the ban on
online casinos, online bingo casinos and even websites offering online sports
betting.

Chairman of the House Financial Services, Barney Frank is in full support of the
piece of legislation. For many years Frank has been the Hill’s most vocal critic
of the U.S. online gambling ban, which came about in October 2006 after Congress
passed the Unlawful Internet Gambling Enforcement Act (UIGEA).

And Frank is not alone as approximately 60 House lawmakers have signed on to
support the legislation. It seems an increasing number of U.S. politicians are
realizing that taxing online gambling firms is a potentially huge source of
much-needed revenue, and one the government is letting slip though it fingers.

Another supporter of the legislation is Rep. Jim McDermott (D., Wash.) who said,
‘I’m always looking for money to deal with some of the problems I see out there,
and this looked like a good place to find revenue.’ If more lawmakers come
around to his way of thinking, legalized online gambling has a shot in the U.S.

Said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling
Initiative, a pro online gambling lobby, ‘With support for online gambling
regulation growing daily, it’s only a matter of time before Congress acts and
allocates billions in revenues sitting on the table to one program or another.’

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