Proponents of internet gambling are touting a report showing that regulation of the industry would generate upwards of $42 billion over a decade.
The analysis is based on the provision of a federal license for operators allowing them to offer online gambling nationwide, while still prohibiting sports betting, according to the Safe and Secure Internet Gambling Initiative.
“This analysis further reinforces the fact that a regulated environment will generate billions in new revenue to offset the costs of health care reform or other vital government programs,” Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative, said in a news release. “With the completed analysis, and support for Internet gambling regulation growing daily, it’s only a matter of time before Congress acts and begins allocating the billions in new revenue sitting on the table to one program or another.”
Liberal U.S. Rep. Barney Frank earlier this year introduced the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009. The bill, which is currently pending in committee, currently has 62 co-sponsors.
“We believe this tax revenue analysis will encourage immediate discussions and consideration of pending legislation to regulate Internet gambling,” Waxman added. “With everyone acknowledging that attempts to prohibit the activity have failed, this provides even more incentive for Congress to act.”
Proponents note that Americans bet more than $100 billion online annually.
The bill is H.R. 2267.