As you may have heard, Congress has taken a big step toward banning most online gambling.
Instead of trying to outlaw gambling sites, which would be impossible to do since almost all are outside of the US, they are trying to make processing or handling payments illegal. The result, gamblers would not be able to use credit cards, debit cards, or even make direct transfers from US bank accounts to fund their accounts.
Supporters of the ban claim the Internet’s widespread availability makes it too easy to gamble and creates betting addictions and financial problems.
Online gambling sites are estimated to take in $12 billion annually. Half of this $12 billion comes from gamblers in the US. Critics of this proposed law argued that regulating the industry and collecting taxes would be more effective than outlawing it. Prohibition didn’t work for alcohol. It won’t work for gambling.
The government had an opportunity to regulate online gambling and take advantage of the tax revenue. A recent study estimates online poker alone, if regulated and taxed, could net the federal government $3.3 billion each year.
But instead theyve turned...
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