Official Analysis Shows Regulation of Online Gambling Would Bring Billions to the U.S. Government
Many, including US Representative Barney Frank, have been saying that online gambling regulations in the United States would reap billions to the government. Those billions would help in some of the spending that is taking place in Washington these days and some have said it could aid in the new health care reform.
Recently Representative Jim McDermott released an analysis from the Joint Committee of Taxation and the analysis backed up the claims of Frank, and others that want online gambling to be regulated. McDermott’s analysis was that by the regulating the Internet gambling industry in the United States would bring in around $42 billion within the first decade.
Michael Waxman, who is the Spokesman for the Safe and secure Internet Gambling Initiative, recently stated, “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.”
Waxman, and others, are under the belief that many people that are opposed to the regulation of the online gambling industry in America are worried about is that the support for legalizing and regulating online gambling is increasing. Frank ahs already introduced legislation in Congress and his bill already has 62 co-sponsors. However, with other more pressing items on the agenda, such as the health care issue and Afghanistan, that the bill will not be heard this year.
Waxman went onto to say, “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.”
Preparations are under way by Frank to have his bill discussed in Congress. There are some that are under the belief that the Bill will be passed by Frank’s House Committee by the end of this year, but that looks unlikely. This snowballing of online gambling legalization and regulation has had some politicians that are set against the idea to come up with a plan in order to defeat the Bill when it is introduced.
Since so much money will be generated for the US Government many experts believe that it is only a matter of time before Internet gambling is, once again, legal in the United States.
