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U.S. JOINT COMMITTEE ON TAXATION CONFIRMS POTENTIAL OF LEGAL ONLINE GAMBLING

10/29/09 - Decriminalising many forms of Internet gambling in the United States would raise nearly $42 billion for the U.S. Treasury over the next decade, according to an analysis conducted by a non-partisan congressional scorekeeper, the Joint Committee on Taxation.
 
The Wall Street Journal reports that after reviewing legislation aimed at lifting online gambling bans and the UIGEA, the Committee concluded such a move would generate $41.8 billion over 10 years.

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The legislation, championed by House Financial Services  chairman Congressman Barney Franks and sponsored so far by 62 Representatives, would guarantee individual state rights to support federal regulation and taxation of Internet gambling or not, and maintain bans on sports betting, but would liberalise other forms of online gambling.
 
In the Senate, similar legislation has been introduced, the WSJ reports.
 
"The effort to lift the ban imposed by the Republican-controlled Congress in late 2006 has become a popular cause for some Democratic lawmakers who believe the law imposed unjust restrictions on individual rights," the newspaper claims.
 
"Others say that by keeping the [UIGEA] ban in place, potential sources of revenue to fund needed government programs are being wasted."
 
Rep. Jim McDermott - a Democrat from Washington who has authored a complementary tax bill for Frank's proposal - said: "I'm always looking for money to deal with some of the problems I see out there. This looked like a good place to find some revenue."
 
He said the House Democratic leadership hadn't indicated whether it would support the legislation, but the savings estimate would certainly get the party leaders' attention.
 
In the Senate, Oregon senator Ron Wyden withdrew a proposal earlier this year to legalise online gambling and use the tax revenue to help finance the controversial overhaul of federal healthcare legislation. At the time there was speculation that he had succumbed to political pressure, but the WSJ uses the issue as an illustration of the increasing awareness among politicians of the useful revenues that could be claimed through a tax on legalised online gambling.

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The JCT estimate is based on a small fee that would be levied on all deposits U.S. residents make with online gambling companies.
 
The Safe and Secure Internet Gambling Initiative, a group lobbying for the ban to be lifted, said that Americans gamble around $100 billion online annually.
 
"With the completed analysis and support for Internet gambling regulation growing daily, it's only a matter of time before Congress acts and begins allocating the billions in new revenue sitting on the table to one program or another," Michael Waxman, a spokesman for the group said.

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Gambling News :

Local Florida Poker Pros Scam Marc Klang For $500k - Previous scumbag rightfully wins over $500,000 gambling against a conglomerate of local poker pros. After using every excuse possible, said group decides they are not paying out any money. After some time they pay out $43k of 500k. Winner warns community of the groups actions to prevent similar future scams.

2017 Super High Roller Bowl Schedule - Poker Central, POKER PROductions and the Aria Resort & Casino have released details on the 2017 Super High Roller Bowl taking place 28-31 May.

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2017 Aussie Milliona Updates Events 2,3,4 - Taiwan's James Chen bested Australian Rainer Quel heads up to win the first championship ring of the series in which he defeated a field of 48 players in Event 2: $2,500 H.O.R.S.E. earning the top prize of AUD$39,700.

Juventus name VWin as Partner - “We are very satisfied with this new regional partnership that confirms Juventus’ global growth in high potential markets such as this one,” Giorgio Ricci, co-chief revenue officer & head of global partnerships and global revenue for Juventus said.

Luckia Group 2016 Results - The group reports record turnover of Euro 269.66 million, up 12 percent over full year 2015 with EBITDA standing at Euro 44 million, a 26 percent increase over the previous year.

Fire Rooster Slot Launches - This 5-reel, graphic-rich slot is based on the Chinese legend, The Rooster’s Lament, in which the Jade Emperor chooses specific animals to represent the months of the year.

n2-Live Updates - The company promises new features designed to enhance the playing experience that “further distance our gaming solutions from the ‘me too’ products currently available in the market place.”

Betfred FY 2016 - Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.

BetConstruct has joined the National Council on Problem Gambling - BetConstruct has joined the National Council on Problem Gambling (NCPG) saying it feels a duty to support an organization that strives to keep gaming fun and safe for all.

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