US Gambling Law Would Create $57.5bn In Tax And 32,000 Jobs!
21st April, 2010
According to an article found on eGaming Review, if the US were to regulate online gambling it would create almost 32,000 jobs, with up to $57.5 Billion worth of tax revenue over a five year period according to new research.
The study, conducted by H2 Capital, bases their findings on the basis that there will be regulation on all forms of online gambling.
H2 director Simon Holliday said: “The regulation of Internet gaming provides a unique opportunity to legislators in the current economic climate, namely the opportunity to instantaneously create jobs and support economic growth while protecting consumers and reducing the budget deficit.
He added that he hoped the findings would provide an incentive to President Obama’s administration to quickly regulate egaming.
“The current situation where US players use offshore sites causes billions of dollars to leak out of the economy each year and leaves tens of thousands of players without any onshore regulatory protection,” he said.
The House Financial Services Committee is considering proposals for internet gambling bills by its chairman Congressman Barney Frank.
Barney Frank’s proposed HR2267, Internet Gambling Regulation, Consumer Protection and Enforcement Act would provide a framework for gaming in the US whilst its partner bill the HR2266 would delay compliance with the UIEGA by a year.
Representative Jim McDermott’s companion bill, the Interney Gambling Regulation and Tax Enforcement Act 2010 would require operators to pay license fees and taxes.
Barney Frank’s Bill doesn’t include sports betting. However, even with sportsbook exempt from the regulations, H2’s study suggested that a gross expenditure of $67billion over a period of five years would generate $30.8 billion in tax revenue and would create 25,470 new jobs.
By Gina
