http://www.eonz.org Mon, 06 Feb 2012 10:47:52 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 http://www.eonz.org/blog/new-internet-gambling-legislation-may-be-beneficial-in-u-s/ http://www.eonz.org/blog/new-internet-gambling-legislation-may-be-beneficial-in-u-s/#comments Wed, 07 Apr 2010 11:09:17 +0000 admin http://www.eonz.org/?p=18 A new study released on Monday from an English gaming consulting company shows that the effects of regulating internet gambling in the United States would be greater than previously thought.
There have been numerous studies to demonstrate the amount of revenue that could be generated for the federal government through the legalization and regulation of online gaming. The study was done by H2 Gambling Capital, which provides a lot of marketing information. Data regarding the gaming industry, and is getting a great deal of attention from the Safe and Secure Internet Gambling Initiative, which is the top advocate for the legalization of internet gaming in the United States. In the study, H2 Gambling Capital indicates that the potential benefits from the regulation of online gaming, including poker and sports betting would have a tremendous impact on employment and also add tax revenues. The numbers that H2 Gambling Capital has discovered in its study vastly outpace other studies that members of Congress have quoted. They said that if the United States were to regulate internet gaming, H2 Gambling Capital said that close to 32,000 jobs would be created over a short period of five-year time span. Perhaps most surprisingly, expenditures from regulated internet gaming in the United States would top $94 billion over the same period, generating $57.5 billion in tax revenues from wagering.
If the United States were to regulate the online gaming industry without allowing sports betting, H2 Gambling Capital’s models indicate that regulation would provide gross expenditures of $67 billion over five years, which would generate $30.8 billion in tax revenue and 25,470 jobs. These numbers are greater than those which Representatives Barney Frank (D-MA) have been trying to change the government’s perspective on online gaming. McDermott, who has introduced the Internet Gambling Regulation and Tax Enforcement Act (HR 4976), has said that regulation would lead to $42 billion in new federal government revenues and $30 billion in new state revenues over ten years. Barney Frank has pushed for regulation of the online gaming industry in the U.S. with his bill – the Internet Gambling Regulation, Consumer Protection and Enforcement Act (HR 2267) – and has been able to garner support for that legislation from 68 fellow Congressmen. According to London-based stockbroker Daniel Stewart, Senate Majority Leader Harry Reid (D-NV) has apparently stepped onto the online gaming bandwagon and could introduce legislation that may be passed before the November elections.
This most recent study was produced by H2 Gambling Capital, a data and market intelligence information supplier for the worldwide gambling industry, and its results were released on April 20, 2010. There isn’t much time left for Congress to act on internet gaming, as the June 1, 2010 deadline is near, for on that day, the full scope of the UIGEA and its regulations will go into effect. Frank’s bill has gained the most traction of all that have been introduced in the past several years, and with 65 sponsors and a successful committee hearing in December of 2009, it should undergo the markup process and find a forum in another committee. Regardless of the slow progress, it’s an encouraging sign for online poker players that there is still movement on the issue in Congress.

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