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Legislation in the US Gambling Industry

Posted on April 21st, 2010

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One of the biggest markets in online gambling is in the United States. There are many online casino players all over the world but this country is a force to reckon with. However, it is unfortunate that there had been laws passed intended to suppress this industry but what happened instead is that it has found offshoring an attractive option to the legislation that alienated it in the first place.

Study in Favor of Regulatory Framework

Generally, gamblers from the United States bet an average of $105 billion through offshore sites every year. Had the United States legislators opted to pass the Unlawful Internet Gambling Enforcement Act back in 2006 instead of regulating the industry, there would have been $5 billion collected in taxes and almost 33,500 jobs generated that could have minimized the impact of recession in the country. This is consistent with the study made by H2 Gambling Capital and released Tuesday.

This study supports Rep. Barney Frank’s Internet Gambling Regulation, Consumer Protection, and Enforcement Act (HR 2267) which seeks to create a framework to regulate online gambling in the US. If legislators go this route of regulating and licensing the industry, thousands of jobs and tax revenues will have been generated.

Benefit to the United States Gambling Industry

H2 Gambling Capital looked at 50 states that would have gone into regulated framework which allowed sports betting too. Rep. Frank’s proposed bill gave the states the chance to choose not to go into this framework if they wished to. Supposing sports betting is not included in this system, there would still be roughly 25,000 jobs and $30 billion tax revenues created for the next 5 years.

This study might persuade the current US administration to look into Rep. Frank’s Internet Gambling Regulation, Consumer Protection, and Enforcement Act. By allowing the current legislation to remain, the US is losing billions of money to other countries which gain from these offshore sites. US online gamblers are left with little protection because of the system.

It may be time to look at regulating this industry in the US considering the economic situation where many citizens find themselves without jobs. US online gamblers have not stopped playing despite the current situations and instead of allowing the potential gains to leak to other countries, this study may find this a good reason to look over the situation and adjust to the need of the times.