Legal Online Gambling And The United States Economy

Legal Gambling > Legal Online Gambling And How That Would The United States Economy

If you live in the United States, than you are well aware of the problems with the economy. This is a problem that cannot be solved over night, and it is unlikely that it will get better over night. There are plenty of steps that can be taken in order to fix the problem. One step that has been suggested by some members of Congress, but rapidly shot down by others, is the taxation of online gambling winnings. As of now, the online gambling industry is not subject to tax, nor is it subject to regulation - a dangerous pair that has left some consumers at the hands of merciless fraudsters. The economy of the United States has been faltering over the past decade, beginning with the Bush administration and running well into the Obama administration. People are willing to point fingers, but no one wants to pay for the services rendered by the government. As such, the government has to look for new methods of income. After all, when we cannot afford our lifestyle, why should we sacrifice it when we can simply find a new source of income in order to bring in more money for their household. The U.S. deficit is constantly growing, and few options have been proposed that actually make sense. Online gambling has been proposed, it makes sense, but it was shot down by pedantic officials who think that online gambling will do more harm than good.

Estimates have shown that more than $70 billion a year can be generated from online gambling over a fairly short period of time. This $70 billion could be used to subsidize health care, pay student loans, build infrastructure, and generally boost the overall economy which has been ailing over the past decade. The right wing, which is deeply against gambling and government spending, has made it so online gambling will not be regulated in the near future, despite strong opposition by the left wing and the moderates. The Internet Gambling Regulation, Consumer Protection and Enforcement Act was shot down by legislators, and it is not likely to return to congress this year. Perhaps in the upcoming years this will change.

Just taking a small portion of legal online gambling - online poker - and the numbers can be very positive. If the government taxed a percentage of the income of these poker rooms, than this represents a fairly substantial amount of income in and of it self. Some of these online poker rooms, especially the larger ones, such as PokerStars and Full Tilt, can make upwards toward $2.5 million dollars a day. Even taking 10% of that is $250,000 a day for the government. This does not even include licensing fees or other forms of legal gambling. Simply put, this is more than enough to either pay for the entire college education of up to ten students, cover a small handful of child births, or even maintain a city's worth of roads.

The U.S.A.'s current economical standpoint has reached a point where it is no longer sustainable, and some fear that the government may collapse around itself due to the debt incurred by foreign nations and private entities. New sources of income must be found if existing sources are not going to be increased. People are already gambling online, and this is just money that is disappearing over seas.

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