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U.S. Companion Legislation

In the United States, it seems that more and more politicians are beginning to support legislation that would neutralize the Unlawful Internet Gambling Enforcement Act (UIGEA) which passed in 2006. The UIGEA was a rather ineffective ban on online casinos gambling – but all the act really did was push internet gambling underground and out of the government’s radar. A bill by Barney Frank, the Internet Gambling Regulation Enforcement Act (IGREA) has been on gaining momentum over the past year because it outlines licensing and regulating the online casinos industry rather than the current ineffective legislation. A new bill on the table now supplements Frank’s original bill and adds in a heavy element of U.S. taxation on the online gambling industry.

The new bill on the table was introduced by Congressman Jim McDermott (D-WA) and maintains the integrity of Frank’s IGREA, but instead specifically notes how the U.S. will tax the new online casinos industry once the bill passes. McDermott’s bill, the Internet Gambling Regulation and Tax Enforcement Act is intended to add “a framework to collect taxes on existing activity that is currently unregulated, unsupervised, and underground," notes McDermott.

And for those concerned that McDermott’s changes to Frank’s online casinos bill only add more taxation to the industry, McDermott stresses, "To be clear, these are not mostly new taxes - the bulk of the revenues generated would come from taxes required under existing law."

And beyond just justifying the new taxing framework he has introduced and proposed for the online casinos gambling industry, McDermott notes that the U.S. has an opportunity to benefit from an activity that is currently occurring in the country, but with no ability to regulate or control who gets the revenue from underground internet gambling companies. McDermott remarks, “Before us is a tremendous opportunity to protect US consumers and recoup billions of dollars that should be collected by the Internal Revenue Service. These are revenues that are desperately needed, given that we are at war and face difficulty financing the nation's priorities."

The appeal to funding the war effort and other national priorities could be a clincher for some U.S. citizens. With the U.S. rumored to be entering a recession, many are worried about the inability of the government to stave off a recession because of increasing national debt.