Adventure Hall - Online Casino and Gambling Taxation

Online Casino and Gambling Taxation

November 22nd, 2007 - Adventure Gaming Blog
Online Casino and Gambling Taxation

A new report out now estimates that regulating online casino gambling would generate between $3.1 to $15.2 billion in federal revenues over its first five years. This information which is based on a detailed analysis by an independent firm was given in testimony to the House Committee on the Judiciary; it would be called the Internet Gambling Regulation and Tax Enforcement Act.

Even under the most strict estimates, the money that would be brought in by the taxing of online gambling would provide some very much need revenue to the United States Treasury. McDermott says that the only reason that we aren't bringing in this extra tax money is because some of his colleagues still think that they are going to be able to stop adults in the United States from gambling online; but we all know that people are grown and if they want to gambling online they are going to find a way to do it.

By making illegal a very popular, recreational activity that millions upon millions of people enjoy from the privacy of their own homes, the United States is simply watching billions in tax dollars roll away, if gambling were to become legal again and regulated the US Treasury would finally have some money to work with. Regulating online casinos and gambling could be an easy solution to the dispute around the WTO that could soon force the United States to pay billions of dollars in trade compensations as a backlash of the laws passed last year making it illegal online in the United States.