American Online Gambling Increases Despite Ban

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American Online Gambling Increases Despite Ban
by No Luck Needed member ttwna2k for NoLuckNeeded.com

American Online Gambling Increases Despite Ban
WASHINGTON, The Safe and Secure Internet Gambling Initiative promotes the freedom of individuals to gamble online with the proper safeguards to protect consumers and ensure the integrity of financial transactions. An updated analysis estimates that revenue from online gambling sources in the U.S.A. could increase by 22 percent. Previous reports in 2007 by PricewaterhouseCoopers were conservative not taking into account that Americans have increased their online gambling activities despite the prohibition currently in place.

In fact, the new report found that the U.S.A. could receive as much as $51.9 billion in federal revenue over the next decade if Internet gambling is regulated. Representatives Barney Frank and Jim McDermott have proposed legislation in the senate to allow for reforms to the laws now governing online gambling in the U.S.A.

Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling said, "This analysis further illustrates that the U.S. is missing the opportunity to collect billions of dollars in federal revenues," Mr.Sandman went on to add, "We are optimistic that the Obama Administration and Congress will pay closer attention to this issue as they seek to find new revenues that can be generated without raising taxes for critical federal, state and local government programs. Regulation is also needed to ensure there are safeguards to protect against compulsive and underage gambling, money laundering, fraud and identity theft."

The introduction of the Internet Gambling Regulation and Enforcement Act of 2007 by Mr. Frank and its companion act the Internet Gambling Regulation and Tax Enforcement Act of 2008 by Mr. McDermott would establish a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the U.S.

These soon to be reintroduced amendments are to ensure revenues that are currently lost to offshore gambling operators are collected and remain in the U.S.

Mr.Sandman said, "The current ban on Internet gambling has proved to be a failure as millions of Americans continue to gamble online each day".