In a time when the US economy is falling, and falling fast, the US government is seeking new ways to generate revenue. Therefore the timing of the proposed S. 3616 legislation by Senator Robert Menendez, which requests the legalization, regulation and taxation of the online gambling industry, couldn’t have been better.
According to a study by PricewaterhouseCoopers, the online gambling industry is estimated to generate revenue of about $40 billion over the next 10 years. This revenue would include everything from income tax, corporate income tax and wagering tax to licensing fees. Along with this estimate, the study revealed that if all US states were to hop onboard the legal online gambling express, the US would have the potential to generate up to $17.6 billion each year.
Much of the online poker and gambling industry has already stated their willingness to obtain a license from the US, should the country legalize online poker and other forms of online gambling.
As it stands now, the US is only losing an exceptional sum of money each year by choosing to keep online poker illegal. Americans continue to participate at online poker sites for real money, so every penny that is lost is simply leaving the US market, and those won are producing no tax revenue.
There are still plenty of issues in Washington that need attention, so I wouldn’t expect too much too soon, but certainly Menendez’s proposed S. 3616 is worth some attention. American online poker fans can rest a little easier at least knowing that the political debate over the pros and cons of legalizing online poker in the US is becoming much louder is Washington.
And here’s a little food for thought – Democratic Presidential Candidate Barack Obama simply loves to play poker. This doesn’t mean he is fully prepared to legalize online poker, but it’s definitely something to consider as we head into the election month of November.
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