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Money Going Offshore

The United States is in a pretty tough position right now because the Republican right asserts that the online casinos ought to remain illegal as a way to protect US gamblers from the over-dramatized dangers of internet gambling. The Republican agenda though is denying the US of a good deal of money and all of the internet gambling funds are merely going to offshore accounts instead of into needed funding for programs that the Obama administration is starting. That’s the key part of the critical comments that other politicians and online casino industry analysts note, that the internet gambling has not been stopped by the Republican motivated anti-gambling laws and now there are billions of dollars going to the offshore gaming sites.

The US online casino gambling industry is worth a whopping 42 billion over a ten-year period according to current estimations. These estimations indicate that the US could collect this huge total in tax revenues from a regulated internet gambling industry that properly licenses these companies. Instead though, the money is simply slipping offshore to foreign coffers as these offshore online casinos continue to access US gamblers but yet have no protocols or regulations for which they should follow. Part of the Republican party has actually begun to see the truth and strength in this argument, in the fact that the US is incredibly cash-poor right now and is constantly seeking out budget cutbacks and new sources of revenue.

And then, amongst all of the political talk about how cash-poor the US is, and the need for new programs bringing in money to the federal budget, the online casinos are existing within their own world. With very no US oversight and no ability for US companies nor the US government to collect any sort of funding. The situation is a tad ridiculous and politicians are beginning to see the full scope of the US gambling situation in regards to possible tax revenue.