US Among Few Nations Rejecting Internet Casino Revenue
With the aftermath of the global economic crisis leaving the coffers of many countries bare, lawmakers are turning to the plentiful revenues available through regulation of Internet casinos. As European nations utilize the potential of online gambling to fund budgets while avoiding tax increases, the US is one of a few nations lagging on enacting such a plan.
The United Kingdom led the way to the future by establishing rules regarding advertising and licensing for online casinos, and creating a tax system that exploited the opportunities presented by online casino gambling, rather than wasting taxpayer dollars trying to impose an unenforceable ban on Internet gambling.
According to H2 Gambling Capital, Internet gambling sites generate just under $30 billion annually around the world, with the amount steadily rising. France and Italy are already proceeding down the path blazed by the UK, with new laws being considered in Greece and Spain.
Such countries as the US and China are seen as myopically attempting to plug holes in a hopelessly crumbling dam, as online gambling grows in both countries despite legal persecution and the introduction of problematic rules such as the UIGEA.
“What’s happened is a realization that you can’t uninvent the Internet,” David Trunkfield of PricewaterhouseCoopers tells the New York Times. “People are gaming online. You either try to regulate and tax it, or people are going to go to the offshore operators, where you don’t get any revenue.”
This week, Barney Frank's bill proposing regulation for online gambling in the US will face a vote in the House Financial Service Committee. Online casino observers are watching closely to see if the US employs the advantages available through Internet casino regulation, or continues to deny the realities of the modern world.
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