Author: Matt Pelc | Article Posted at: March 12, 09 - 7:11 pm

Legalized Gambling on the Horizon?

With the world’s economic recession taking on depression-like conditions, new revenue streams are being sought in any size, shape or form.

Recently PricewaterHouseCoopers issued their findings stating that up to $51 billion in taxes could be derived from legalized online gambling in the United States.

With this in mind the Congress has been moving in the direction of introducing legislation to repeal a law enacted by George W. Bush in 2006 making it illegal for US banks and institutions to process payments and withdrawals related to online gambling sites.

Of course, off-shore gambling sites serve gamers worldwide, even those confined within the borders of the United States, but if the ban is overturned the country can regulate the winnings and tack some sort of tax to it.

At some point in this year, House of Representatives Financial Services Committee Chairman Barney Frank, the Democrat from Massachusetts, has promised to reintroduce legislation to overturn the 2006 bill and provide a “regulatory frameworks for internet gambling in the USA.” Regulatory framework is bureaucratic mumbo-jumbo for taxing.

Still some good may come from that mumbo-jumbo if it eliminates some of the bad experiences USA gamblers have had dealing with less than reputable gambling houses. It could allow the best and most reputable sites that are currently operating and serving the USA gamers set themselves out from those out for a scam.

Lawmakers looking for anything to help the sinking economy may point to the fact that, despite dwindling stock portfolios and thinning wallets, 2008 internet gambling was estimated at 22% higher than that of 2007.

Perhaps that is just the type of bailout the United States and the rest of the world needs.