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The Money Goes to Costa Rica

The United States is in a tight situation financially – the country has unprecedented numbers of foreclosures all over the U.S., most analysts predict a recession is coming, and the war in Iraq is simply sucking billions from the nation’s coffers. And in the midst of all of these money problems, the U.S. passes the highly controversial Unlawful Internet Gambling Enforcement Act – which prohibits U.S. financial institutions from processing payments from online casinos and internet gambling companies. But the worst part of the situation is that the United States is actually going to pay several other countries in compensation claims for the right to exclude foreign internet gambling – that means one more expense to pile onto the U.S.’s flagging economy.

Those involved in the online casinos gambling industry are wondering why the U.S. is willing to pay (via trade compensation claims) other countries rather than license, tax, and regulate the industry. Right now, millions each year in sports and horserace betting revenue is being wagered in the U.S. and going to companies based out of Costa Rica. Then there are the companies like Bodog, who take millions from U.S. online casino poker players. Basically, the internet gambling industry generates millions, even billions in revenue each year that the U.S. government is not taxing.

The UIGEA is ineffective – U.S. players are still able to gambling at the online casinos and bet at remote gambling companies. Paul Moran, an award winning writer opines on the current situation, "This is money, serious money that, were Internet wagering expanded, regulated and taxed in the United States, would make a substantial difference to the bottom line of the racing industry as well as several levels of government." Many U.S. politicians are beginning to support proposed legislate that would license and regulate the industry and thus allow the government to then take a portion of the gambled revenue in taxes to fund other programs.