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Online Casino Discusses Online Gaming Tax for US

In 63 countries all around the world, online gambling and online casino sites are licensed and taxed. According to Nigel Payne, CEO of Sportingbet PLC, one of the leading online casino sports betting sites, the United States should begin taking part in this $10 billion market. Although online gambling is against the law in the states, more and more of the online casinos players on the Internet are from the US.

Payne went on to say that regulating online gaming and online casino sites is the safest way to guarantee responsible gaming. ‘America is one of the largest gambling markets in the world with developed gaming in lotteries, casinos, horse racing, dog racing and sports. Gambling exists in every country in the world. The right thing to do, the responsible thing to do, is to regulate it and embrace proper social parameters through regulatory control,’ said Payne in an interview for the CBS show ’60 Minutes’. The rapid growth of the online casino industry is continuing, even though the US maintains an unclear legal and regulatory environment.

Ending on July 31st, 2005, Sportingbet’s results for the year showed that the number of customers worldwide using Sportingbet’s online casino facilities increased by 123 per cent to 2.7 million and the number of sports and gaming bets was up 51 per cent to almost 400 million from 265.5 million in 2004. Revenues had increased from $36 million to $105 million (before good will and exceptional items). These numbers show that the online casino industry, and market, will continue to boom as more and more countries legalize online casinos. However, what the US will do regarding national law and legalization of online gaming remains to be seen.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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