US Would Make a Lot of Money from Online Gambling
November 8, 2009
According to a recent study, the amount of money that the United States could make off of online gambling is astronomical. The study suggests that by legalizing online gambling that the US could be looking at an additional income of $42 billion which would come from tax revenue. This all comes hot on the heels of several bills that Rep. Barney Frank has been trying to get passed in reference to online gambling legalization and regulation.
According to this study and the bill that has been put forth by Rep. Jim McDermott, the bill would legalize, regulate, and tax online gambling which would then bring in tens of billions of dollars over the next 10 years. The bill would repeal a section of the 2006 Safe Port Act which made the payment processing of online gambling transactions illegal.
The bill would work somewhat hand in hand with the bill that Rep. Barney Frank is looking to pass that would legalize online gambling. McDermott's bill would tax and regulate the online gambling industry, and the two together would give online gambling supporters exactly what they want. The estimates of the amount of money that would be brought in by this legalization is based on revenues that could be collected from federal licensing fees that the online gambling companies would have to pay in order to operate within the United States.
This analysis of the online gambling industry and the amount of revenue that could be brought in will surely sway some of those representatives that have been on the fence in regard to legalizing online gambling.
