US Online Gambling Could Produce $51 Billion In Taxes

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A PricewaterHouseCoopers analysis has found that legalized online gambling in the US could produce almost $52 billion a year in taxes. On-line gambling supporters worldwide are keeping a close eye on recent efforts in the US Congress to repeal George W. Bush's 2006 Unlawful Internet Gambling Enforcement Act.

Despite the plummeting US economy and Bush's internet gambling ban, online gambling has actually continued to grow in the US. This year's estimate is 22% higher than the that of 2007. The current lack of regulation worries many industry experts as less reputable companies currently serve US gamblers.

"There is a dramatic need to have a regulated system that protects American consumers. Right now, it's the Wild West," Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative, told Reuters.com this week

House of Representatives Financial Services Committee Chairman Barney Frank plans to reintroduce a bill this year to overturn the 2006 ban, while also creating licensing and regulatory frameworks for internet gambling in the USA.

There is also pressure coming from Europe over allegations that the US Justice Department unfairly singled out European online gambling companies like PartyGaming and 888.com for prosecution while allowing U.S. companies to operate freely.

The European Commission began a formal investigation into that issue last year and is expected to release a report next month saying it has grounds to take action against the US at the World Trade Organization.

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