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Online gambling Tax For Healthcare

9/22/09 - A more focused application of the tax revenues hopefully generated by a US-legitimised online gambling industry of the future has been proposed by a Democrat politician in the latest developments on regulated online gambling in the United States.

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Michael Waxman, a spokesperson for the pressure group Safe and Secure Internet Gambling Initiative revealed this week that an increased focus on the benefits of Internet gambling regulation is expected as the Senate Finance Committee considers a proposal introduced last weekend to use Internet gambling revenue to offset the costs of health care reform. 
 
The amendment offered by Senator Ron Wyden, a Democrat from Oregon,  would dedicate Internet gambling tax revenue generated through the implementation of the proposed and currently pending Internet Regulation, Consumer Protection and Enforcement Act (H.R. 2267) to increase low-income subsidies provided through the America's Healthy Future Act of 2009. 
 
An independent PricewaterhouseCoopers analysis shows that collecting taxes on regulated Internet gambling would allow the U.S. to capture up to $62.7 billion over the next decade.
 
"We applaud Senator Wyden's proposal to collect and put to good use tens of billions in Internet gambling revenue that would otherwise be lost in the underground marketplace," said Waxman.  "The Senate Finance Committee should approve the resolution, finally putting to an end a failed prohibition on Internet gambling that leaves Americans unprotected and unlicensed offshore operators as the only beneficiary in a thriving marketplace."
 
The Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267), introduced in May by House Committee on Financial Services Chairman Barney Frank, would establish a framework to permit licensed gambling operators to accept wagers from individuals in the U.S. 
 
The legislation mandates a number of significant consumer protections including safeguards against compulsive and underage gambling, money laundering, fraud and identify theft.  Additional provisions in the legislation reinforce the rights of each state to determine whether to allow Internet gambling activity for people accessing the Internet within the state and to apply other restrictions on the activity as determined necessary.
 
A companion to Chairman Frank's legislation introduced by Representative Jim McDermott, the Internet Gambling Regulation and Tax Enforcement Act (H.R. 2268), would raise revenue for the U.S. Treasury primarily through ensuring that applicable individual taxes, corporate taxes and license fees on regulated Internet gambling activities are collected.  Without this legislation, this revenue will remain uncollected while millions of Americans gamble online without consumer protections.

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Gambling News :

IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

Magic Spells SLot Launches - The penny slots’ Wild symbol is a bubbling cauldron which is an Expanded Wild that can cover up to four positions for multiple winning combinations.

Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

Lightning Box Games in Deal With Everi Games - Australian slot developer, Lightning Box Games, has entered into a distribution deal with electronic gaming content provider, Everi Games, for a selection of its proprietary slot content.

Storspiller HighRoller Casino Launches - Storspiller.com is targeted at “high rollers” within Kindred’s total registered customer base who play for GBP 200 or more per month.

Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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