Online Casino Gambling will be Legal Soon. Care to Bet?

When any state government tries to reconsider the legalizing of marijuana, an important factor that comes up in their considerations is often the kind of tax income they believe can generate for their economies through marijuana sales. The same goes for alcohol and tobacco. The problem with banning online casino gaming, which is what the government did in 2006, is, that the Internet knows no borders. You could ban anything you want, and websites would just move to another country and be still as successful. Having banned all online casino gambling in 2006, Congress is beginning to reconsider overturning the ban – all in service of helping improve the government’s tax revenues.

They are hoping that the Treasury Department from now on, can license all Internet gambling, and regulate them. This would also allow the IRS to tax these operations. Anything you win through Internet gambling can be taxed the way regular winnings at any physical casino can be taxed. What kind of money would the government make really taxing online casino gaming? It could be pretty substantial – something in the region of $50 billion. They really have no choice. It isn’t just the government that’s hurting from too little revenue. Several major communities across the country, ones like Las Vegas and Atlantic City included, are really hurting in this economy. People are traveling less to gamble. States like Colorado are doing their best to make the most of their gambling earnings by allowing casinos to stay open for longer. And they’ve removed any ceilings they had on how much a person is allowed to lose in one night (it used to be $500 a night in Colorado on riverboat casinos). Some states like Pennsylvania for instance, are going to be turning their slot machine parlors into full-size casinos. The only way these states can make up for the shortfall on their budgets would be to allow casinos to online.

If the government actually goes through with this and legalizes businesses that deal in online casino gambling based in America, it will be the culmination of years of lobbying by casino owning corporations around the country. They certainly have spent millions of dollars lobbying. There certainly seems to be no sense to banning online casino gambling based in the US. Online gambling is basically a borderless activity. Anyone in the US can simply check into a European site or anything else to gamble, to place bets on sporting matches, to place money on horses. If people are gambling anyway, why not legalize it and try to regulate it somewhat?