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Report Estimates Online Gambling Could Bring in $42 Billion

New Congressional Study Shows Financial Implications of Regulation

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The regulation of online poker could bring in nearly $42 billion over 10 years.Last week, a new Congressional report estimated that the regulation of Internet gambling could bring in up to $41.8 billion in revenue in the next 10 years. Rep. Jim McDermott (D-WA), one of the co-sponsors of Rep. Barney Frank’s (D-MA) legislation to explicitly legalize and regulate online gaming, announced the findings, which were conducted by the joint committee on taxation.

“I suspect that many of my colleagues, especially those on the fence, will take more interest in this issue once they see $41 billion available that they can match up with any number of worthy programs," McDermott said. “I would suspect it’s only a matter of time before Congress appropriately moves to regulate the industry in order to protect consumers and reverse the flow of billions of dollars currently lost offshore as Americans gamble billions online despite attempts to prohibit the activity.”

McDermott has introduced a companion bill to Frank’s legislation, which would raise money for the U.S. Treasury through taxes and licenses fees on Internet gambling companies.

Michael Waxman, a spokesperson for the Safe and Secure Internet Gambling Initiative, said that he expected the report would “encourage immediate interest in this issue on Capitol Hill, as they struggle to pay for health care and other government programs.”

“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,” Waxman said. “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.”

Frank’s bills seek to reverse — or at the very least, delay for one year — the implementations of the Unlawful Internet Gambling Enforcement Act, which forces banks to monitor and block all unlawful wagering transactions with debit and credit cards online. The UIGEA, however, does not identify which forms of wagering are unlawful.

Banks will be held responsible for complying with the UIGEA starting Dec. 1.

 
 
 
 

Comments

PokerJoeK
over 9 years ago

“I suspect that many of my colleagues, especially those on the fence, will take more interest in this issue once they see $41 billion available that they can match up with any number of worthy programs,"
-----

WHY NOT PAY DOWN OUR DEBT INSTEAD OF ANOTHER WORTHLESS GOVERNMENT PROGRAM!!!

 
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Uncle_Harvey
over 9 years ago

Why cant we just make poker legal? Tax Tax tax. Thats all these folks know. These idiots spent $1.70 for every dollar that they took in last year and they taxed me at nearly 40%. What ever happened to freedom? Tax my diet coke, tax my health insurance, tax my fuel, tax air travel, tax for a hunting permit, I even heard a proposal to tax pot. This madness must stop.

 
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Casino Manager
over 9 years ago

I know what will convince them . . .

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Get a bonus match of 300% up to 41,000,000,000 by legalizing online gambling in the USA today!

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(sparkle)

R.Cohen =)

 
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JohnnyOnTheSpot
over 9 years ago

Lol Cohen.

 
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