The Great Debate: How To Tax Online Casinos?
24 May 2010
If nothing else, the debate over whether or not to regulating online gambling, has a new, somewhat hurried, question. That question has changed from “do we really want this?” to “how can we best do this and get the greatest windfall?”.
To get there from here is going to be testy. On Wednesday, the House Ways and Means Committee heard evidence, pro and con, on how to raise money from online gambling. True to Washington’s best virtues, virtual fights erupted all over the arena over just how best to tax a business model that is screaming “tax me, please, just let me offer my services”.
With the enforcement of UIGEA regulations ready to start on June 1, Washington has little time to play games with this issue. The pro regulate and tax online gaming side is gaining support everyday. With estimates on the tax revenue Washington can generate ranging from $42 billion to $72 billion dollars over ten years, one would think that they would set aside their differences and get this done.
While most admit that online gambling is here to stay, many still fight against. The land based casinos in Nevada and the off shore online operators need to get together and settle their differences too.
There are many different methods of taxing the online gambling.
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25 March 2010Gaming Lobby Open To Legalized Internet Gambling
The American Gaming Association (AGA) has released in a new policy statement that it is open to the idea of legalized internet gambling as long as the proper regulatory structure was enacted to protect consumers and the integrity of the game. However, while changing its stance on legalized internet gambling, it has still not endorsed any of the bills now before Congress.Internet gambling is estimated to be a $26 billion a year industry.AGA Chief Executive Officer Frqank fahrenkopf Jr.Read full article
27 March 2010The Time To Repeal UIGEA IS Now
With the signing into law of the health care reform legislation, the United States Congress will be free to finally start working on other legislation which has been forced onto back burners for much of the last year. The biggest bill of this group is Barney Frank’s (D-MA) HR 2267, the InternetGambling Regulation, Consumer Protection, and Enforcement Act. As the name implies, this bill would regulate and tax internet gaming, and would protect consumers from racketeering and money laundering.Read full article
10 April 2010Online Gambling Bills To Be Heard Next Week
Rep. Barney Frank’s hard work is about to pay off. His online gambling bills, the Reasonable Prudence in Regulation Act (HR2266) and Internet Gambling Regulation, Consumer Protection and Enforcement Act (HR 2267), are to be heard by the House Committee on Financial Services on April 16. With the provisions of UIGEA set to be enforced starting June 1st, and no more extensions expected, it is a bit of good news for online gambling.Read full article