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Taxing U.S. Online Casinos

The internet gambling industry is a multi-billion dollar industry according to estimations from PricewaterhouseCoopers. But right now the United States government is not tapping into any of that potential revenue because of an unpopular bill that passed in late 2006 that ineffectively bans online casinos gambling in the U.S. from offshore gambling companies. PricewaterhouseCoopers released a analysis of the potential tax revenue in the U.S. internet gambling industry as being worth anywhere between $8.7 and $42.8 billion over the coming decade. This is a huge sum of money that the government could certainly use to fund existing programs and support areas that are overstretched. A new bill from Congressman Jim McDermott uses the latest data from PricewaterhouseCoopers to support a bill that augment’s Frank’s online casinos bill and encourages legalizing, regulating, and taxing the U.S. internet gambling industry.

McDermott’s online casinos gambling bill is considered a companion to the Internet Gambling Regulation and Enforcement Act (IGREA) which introduces some very strong proposals on how to license, regulate, and operate a nation-wide controlled gambling industry. Frank’s IGREA and McDermott’s IGRTEA (Internet Gambling Regulation and Tax Enforcement Act) cover many areas that opponents have expressed concern about: licensing fees for the operators to compare with land gambling operating costs, reporting mechanisms in place to keep online casinos gamblers fully informed on their gambling habits, and identifying the exact location of internet gamblers for state legislation enforcement.

Legalizing, regulating, and taxing the U.S. online casinos gambling industry does not mean that individual states are abandoning any of their rights to limit or ban the activity for residents of that particular state. Frank and McDermott’s legislation supports state individuality and instead would license and regulate the activity for states in support of online gambling.