Friday, November 6, 2009

Internet Gambling Regulation

A Joint Committee on Taxation analysis released on October 29, 2009 by Rep. Jim McDermott (D-WA) states that regulating internet gambling would generate nearly $42 billion over the next ten years. The analysis is based on the provision of a federal license for operators that would allow them to offer online gambling throughout the United States, while maintaining existing prohibitions on any form of sports betting.

House Committee on Financial Services Chairman Frank has announced his intent to hold a hearing and markup in the coming months on his legislation, the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267). Since its introduction in May, a bipartisan group of more than 60 co-sponsors has signed onto the bill.

"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," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative, a group which promotes legal online gambling.

"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," Waxman added.

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