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Online Casino News Looks to Europe

The House Financial Services Committee has passed through the bill that had the US and foreign online casino gambling industry on guard. The internet gambling debate wages strong right now all over the world and US and foreign gambling industries were very keen on the outcome of the Committee vote. Now that the new regulations have passed through the Committee and move onto the House and Senate the various news outlets are taking a much more keen look at the potential passage of the gambling legislation and the effect that it would have on the US market. The Washington Post, along with the New York Times have really taken a close and hard-hitting look at the situation while giving the US public some new thoughts to take away on the debate. Although a lot of the media lately has focused on the banking industry’s desire for new online casino regulations the NY Times piece actually looks to the European market for insight into the potential US market.

In this case, the European market has already begun to regulate and legislate a more liberal online casino gambling industry and the US is a step behind but can actually look to Europe for inspiration as well as cautionary advice. As the liberalization of the European market continues each of the European member-states are looking at internet gambling as a way to solve budgetary deficits. This is actually very similar to the situation in US right now, where US states are looking for a way to bring in additional state revenues through the legalization of internet gambling. The NY Times piece points out that the taxation side of the internet gambling industry is incredibly valid because it really does bring in a lot of revenue from an industry that is occurring with or without the regulation and taxation structure in place.

The European market has really begun to embrace the eventuality of the internet and the fact that there is no way to stop the online casinos. The key differences right now between the two markets lie in the fact that the US claims blocks on the market for morality reasons while the European market is moving toward more and more openness and taxation as the governments use gambling increasingly as a way to fund the budget deficit.