Online Casino Industry Produces Millions in Taxes
Currently, all major online casino groups operate from outside of the United States. Countries in the Caribbean Islands encourage companies to open online casino businesses in there territories and offer them legal protection. The online casino industry is completely legal in those countries and many business companies prefer to operate from within these safe borders. A country that supports online gambling is doing so for one reason – taxes.
The online casino industry is a multi-billion dollar industry and the online casino operators are extremely wealthy. Many of the online casino groups enjoy millions of dollars in revenues each month, and foreign governments want piece of the action. Online gambling groups that operate within a certain country must pay taxes for that country’s government, and we are talking about millions of dollars in taxes. There are many people who believe that driving such companies out of the United States economy though anti online gambling legislation is a mistake.
A group of people that oppose anti online casino legislation reports that the United States government has lost over $260 million in taxes so far. Though American citizens play at online casino sites and spend U.S. dollars – the money goes to offshore countries and the United States’ government loses money that could have been made from taxes. Regularizing the online casino industry and taxing it properly will benefit the U.S. economy much grater that to ban the industry.