US could make billions by regulating online gambling
A report made by PricewaterhouseCoopers has found that the United States is missing out on billions of dollars in lost revenue for introducing the Unlawful Internet Gambling Enforcement Act (UIGEA), which effectively banned online gambling in the country.
The report, which estimated that the US could generate between $8.7 billion and $42.8 billion in revenue over a period of ten years for regulating online gambling, was presented to members of Congress last week by US house representative Jim McDermott.
"This is simply a framework to collect taxes on existing activity that is currently unregulated, unsupervised, and underground," said McDermott.
McDermott is well aware that Americans still continue to gamble online, despite the passing of the UIGEA, and is keen to keep that revenue in the US rather than it flowing out of the country. Consumer protection is also a concern of his.
"Instead of this ineffective attempt to prevent adults from gambling over the Internet, we need a more sensible approach to protect consumers and ensure that revenues that now flow offshore stay here in the U.S. and are therefore subject to taxation," said McDermott.
"A new, safer, more sensible approach is needed to regulate Internet gambling and protect consumers."
Editor, Jackpot.co.uk - 2008-02-04 13:18:40