Wednesday, March 31, 2010

Another Bill Introduced

Rep. Jim McDermott (D-WA) has put forward a new Internet Gambling Tax Bill. As is to be expected, Barney Frank has signed on to the new bill. The bill was originally created in October of 2009 but has now been re-introduced with some amendments. The Internet Gambling Regulation and Tax Enforcement Act will carry incentives for the states and tribes involved through a 6% tax on all deposits with licensed online gambling operators, generating up to an estimated $30 billion in state revenues over ten years.
"The major reason for the updated bill is to make it possible for states to have access to online gambling revenue," said McDermott.
Michael Waxman, spokesperson for the lobbying group Safe and Secure Internet Gambling Initiative, said: "This legislation is a win-win for federal and state leaders, providing an opportunity to regulate a currently offshore and underground industry, protect consumers, and put to good use tens of billions of dollars in otherwise lost revenue."

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