Online Gambling Could be Key to US Economy
Research carried out by PricewaterhouseCooper has found that the regulation of internet gambling could be the key in helping the US out of its current bleak economic climate. It was found that the US could gain $52 billion over the next 10 years if the three year online gambling ban was to be lifted and gambling activity was to be taxed.
The study was conducted at the request of the UC Group, an online payment service company who would definitely benefit from the legalization of Internet gambling.
Despite opposition from the right the rest of America is still open to the changing the law. Observer Neil Schwartz said, “Americans have spoken out and what they are saying is that they want the right to legally gambling online. No matter what laws are passed in the US, it will not stop Americans from spending their leisure time at online casinos.”
The study has also shown that the estimated amount that the US could bring in by legalizing online gambling has risen by 22% from 2007. Representative Barney Frank is giving hope to gamblers and is currently preparing a bill to eliminate the Unlawful Internet Gambling Enforcement Act (UIGEA).
It is expected that the threat of a possible European Union trade challenge in the World Trade Organization could also improve the chances of Frank’s bill being passed as the Remote Gaming Association in the UK has complained to the European Commission that the US Justice Department has singled out European online gambling companies such as Party Gaming and 88.com for prosecution while allows US companies to operate freely.
Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative said, “There is a dramatic need to have a regulated system that protects American consumers. Right now, it’s the Wild West.”