Regulating Online Gambling Would Generate Billions
U.S. Rep. Jim McDermott say a tax on online gambling could generate $8 billion to $42 billion in revenue in its first 10 years. The figures come from an analysis prepared by Pricewaterhouse-Coopers that McDermott provided to all members of Congress. The Seattle Democrat introduced the Internet Gambling Regulation and Tax Enforcement Act. McDermott says attempts to ban Internet gambling have been ineffective and his approach would protect consumers and subject the revenue to taxation. McDermotts legislation functions as a companion bill to the Internet Gambling Regulation and Enforcement Act (H.R. 2046) -Â legislation introduced by Representative Barney Frank – which would establish a licensing and enforcement framework for regulated Internet gambling in the U.S. The legislation would allow States to retain full control over the regulation of Internet gambling within their borders -Â applying additional taxes, protections and limitations as determined necessary and appropriate. 
It is time for Congress to regulate and tax Internet gambling to ensure security controls are in place to protect casino consumers and capture billions in revenue!!