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More Hopes Stirring for US Changes

Taxing the online casino gambling industry could be just the sort of plan that is needed to actually get new internet gambling legislation passed through Congress. The highly controversial gambling bill has causing issues in the US for more than three years now, and as the enforcement regulations are close to passing through into implementation, the critics of the UIGEA and supporters of a licensed gambling industry are actively pushing a couple of key bills that would license and regulate the online casinos.

Most recently, although Barney Frank is still pushing on ahead with his attempts to pass through IGREA, a piece of regulation that would license and regulate offshore online casinos for the US market and effectively repeal the UIGEA, a new bill is now on the table that has the same essential purpose, but goes about the situation in an entirely different way. Senators Judd Gregg and Ron Wyden launched the Bipartisan Tax Fairness and Simplification Act of 2010 (Bill S3018). This bill goes well beyond just allowing for taxes on the online casino gambling industry, but at the same time would clearly outline a structure for legalized gambling in the US where the US government would take a two percent tax off of the activity.

Taxing the online casinos has incredible revenue potential and this is a key selling point for the US officials. Right now the US government is facing severe budget issues and the US deficit is higher than it has ever previously been. This new bill was designed as a way to compromise between the two parties and offer each side pieces of what they were asking for while also focusing on the benefit to the US people and to the US budget.