Supporters of legalized Internet gambling got a boost from a Cong...
Supporters of legalized Internet gambling got a boost from a Congressional Joint Committee on Taxation study. It said regulating such gambling -- as opposed to banning it -- would generate up to $42 billion in tax revenue over 10…
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years. The study excludes sports betting, which remains illegal under a different law than the statutes enforced by the Unlawful Internet Gambling Enforcement Act. The findings assume that operators would receive a federal license to offer Internet gambling throughout the U.S. The revenue could be lower under the leading bill, HR-2267 by House Financial Services Committee Chairman Barney Frank, D-Mass., to revoke the enforcement law, because it would let states opt out of a national Internet gambling regime. The study was released by Rep. Jim McDermott, D-Wash., sponsor of another bill (HR-2268) to raise revenue through collection of applicable individual and corporate taxes and license fees on regulated Internet gambling activities. The analysis shows that revenue from Internet gambling will help “offset the costs of health care reform or other vital government programs,” said a spokesman for the Safe and Secure Internet Gambling Initiative.