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27
February 2009
Online
Gambling Regulation Provides
Opportunity
An
updated analysis found that the
USA could receive as much as
$51.9 billion in federal revenue
over the next decade if online
gambling is regulated - as
proposed in legislation
introduced by Representatives
Barney Frank and Jim
McDermott.
The
new revenue estimates are
approximately 22% larger than
those of an earlier analysis
prepared by PricewaterhouseCoopers
in 2007, reflecting the increased
online gambling activities of
Americans despite attempts to
prohibit activity through passage
of the Unlawful Internet Gambling
Enforcement Act of
2006.
"This
analysis further illustrates that
the US is missing the opportunity
to collect billions of dollars in
federal revenues." said Jeffrey
Sandman, spokesman for the Safe
and Secure Internet Gambling
Initiative.
"We
are optimistic that the Obama
administration and Congress will
pay closer attention to this
issue as they seek to find new
revenues that can be generated
without raising taxes for
critical federal, state and local
government programs. Regulation
is also needed to ensure there
are safeguards to protect against
compulsive and underage gambling,
money laundering, fraud and
identity theft."
Representatives
Frank and McDermott have
expressed a commitment to
re-introduce legislation in the
coming weeks that would regulate
the industry and ensure revenues
that are currently lost to
offshore gambling operators are
collected and remain in the US
Representative Frank previously
introduced the Internet Gambling
Regulation and Enforcement Act of
2007 that would establish a
regulatory and enforcement
framework for licensed gambling
operators to accept bets and
wagers from individuals in the
USA.
In
March 2008, Representative Jim
McDermott introduced a companion
bill to H.R. 2046, the Internet
Gambling Regulation and Tax
Enforcement Act of 2008 which
would tax regulated online
gambling activities.
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