McDermott Claims Billions in Regulated Online Gambling

November 30, 2007

Representative Jim McDermott has come up with a tax revenue analysis that shows that if the government were to regulate online gambling, they would be looking at billions of dollars in revenue from the gambling industry. In fact, they would be looking at up to $15.2 billion in revenues just over the first five years.

McDermott went on to say that they could be looking at up to $42.8 billion over the first ten years. He says that even with the “most conservative estimates” online gambling will provide much needed revenue to the government. He says that people in the government keep thinking that they are stopping online gambling but nothing is further from the truth.

He says that people are merely putting that money in other countries who do allow online gambling, and thus that it money that could be in our pockets instead of theirs. He says that the billions that Americans are currently spending overseas could be staying in our country and helping with the federal deficit, or other programs.

The analysis was actually completed by an independent accounting firm, and was released to the House Committee on the Judiciary in response for support on his Internet Gambling Regulation and Tax Enforcement Bill. He says that adults are going to participate in online gambling and that the country can either get behind it or not, but either way they are going to continue to participate in it.

McDermott says that people are looking at this like he is trying to bring in online gambling. This is not so, he is trying to regulate the online gambling that is already going on. He says that they can make it safer for the US public while making a buck on it at the same time. Online gambling is not going to go away, so they should try to capitalize on it while they can.




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