Gambling Legislation Would Collect Billions in Revenue | IXGAMES

Congressman Jim McDermott (D-WA) introduced yesterday the Internet Gambling Regulation and Tax Enforcement Act of 2008 that would ensure that taxes are collected on regulated online gambling activities. These revenues are estimated between $8.7 billion and $42.8 billion over ten years - according to a recent tax revenue analysis prepared by Pricewaterhouse-Coopers. McDermott’s legislation functions as a companion bill to the Internet Gambling Regulation and Enforcement Act (H.R. 2046), legislation introduced by Representative Barney Frank (D-MA) that would regulate Internet gambling in the U.S. Under the Frank legislation, each Internet gambling operator would be licensed by the Financial Crimes Enforcement Network and be required to ensure that the individual placing the bet or wager is physically located in a jurisdiction that permits a particular form of Internet gambling. The legislation would also reinforce the rights of States to control what - if any - level of Internet gambling is permissible within their borders, including the ability to apply additional taxes, and to ensure that appropriate consumer protections and limitations were in place. It is time for Congress to address this issue and put in place security controls to protect the millions of Americans that continue to gamble online despite the prohibition.

Safe and Secure Internet Gambling