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New Offer to Regulate the Online Casino Industry

Congressman Jim McDermott has introduced a new bill last week titled the Internet Gambling Regulation and Tax Enforcement Act. The bill, as the name indicates, is targeted at changing the way the Unlawful Internet Gambling Enforcement Act handles the online gambling industry in America. McDermott is looking for a new program that would tax online casino firms and generate profits that would be directed to critical government programs. The U.S. Congress is having a hard time finding the funds to fuel critical program and McDermott believes that taxing the gambling world would be the answer.

Under McDermott’s program, the U.S. government would generate between $6 and $25 billion within the first five years. Every firm looking to offer online casino gambling to American citizens would have to license under the new bill and pay taxes for the American government. McDermott and his people are not using the financial card alone but the freedom card as well. They believe that the American government has not right to tell its citizens what form of entertainment is right or wrong for them, while they enjoy their activities within their own homes. As time passes we see more and more attempts at making online casino gambling legal in America. There are many people in the United States that would be happy to see legal internet gambling and politicians are well aware of that fact.

The new bill, although changes the status of the online casino industry, is not aimed at exchanging the Internet Gambling and Regulation Act, but rather become a completion bill. The program specifies how the new platform would work. Under the licensing legislation, each online casino firm would have to transfer two percent of all funds deposited by any person placing a bet to the Financial Crimes Enforcement Network. While online gambling related financial transactions would still be illegal without a license, regulated firms would be permitted to work.

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