Internet Gambling Could Bring in Billions if Regulated in United States

Not every politician is against Internet gambling. One, in fact, has put together a report on how much money could actually be generated in revenue by regulating the online gaming industry.

Jim McDermott has provided all members of Congress with a report that indicates that the United States could generate billions of dollars in revenue by regulating Internet gambling.

"Before us is a tremendous opportunity to protect consumers and recoup billions of dollars that should be collected by the Internal Revenue Service. These are revenues that are desperately needed, given that we are at war and face difficulty financing the nation's priorities," said McDermott.

He is claiming that no new laws are needed, and that if regulated, the billions of dollars collected could boost what is now a struggling economy.

"To be clear, these are not mostly new taxes, the bulk of the revenue generated would come from taxes required under existing law. This is simply a framework to collect taxes on existing activity that is currently unregulated, unsupervised, and underground," McDermott said.

What he is suggesting is the Internet Gambling Regulation and Tax Enforcement Act. The purpose of the act would be to regulate the online gambling that McDermott is smart enough to know is currently still going on in America.

He recognizes that grown adults are going to gamble on the Internet one way or another. He feels that instead of being naive enough to think the gambling has gone away, government should embrace the gambling.

Regulated Internet gambling would provide a safer environment to people to gamble in, and also do wonders to help an economy that is right now headed for a recession.

February 1, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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