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Tag: Safe and Secure Internet Gambling Initiative

  • Legal Online Gambling Would Create 32,000 New Jobs

    The Safe and Secure Internet Gambling Initiative told WebProNews today it applauds a new study that projects regulating all forms of Internet gambling in the United States would create up to 32,000 jobs over five years.

    The study, by market intelligence firm H2, found regulating all forms of online gambling would generate up to a total gross expenditure of $94 billion over five years and $57.5 billion in tax revenue from projected wagering, related job creation and growth of supporting business over the same period. Previously, it was forecast that $72 billion over ten years would be collected from license fees and other federal and state taxes in a regulated environment without sports betting.

    Michael-Waxman-Internet-Gam.jpg"This analysis further reinforces the fact that a regulated environment will pay dividends throughout the economy," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. 

    "With unemployment nearing 10 percent, this study sends a clear message to policymakers that Internet gambling regulation is a common-sense way to immediately stimulate the economy, create close to 32,000 jobs and raise billions in much-needed new government revenues."

    The release of this study coincides with legislation in Congress to regulate Internet gambling, which is being led by House Committee Financial Services Chairman Barney Frank (D-MA).

    Internet gambling regulation is expected to benefit existing land-based casinos around the country.  Access to this new market as a source of alternative revenue for existing businesses is likely to have been one of the factors that led the American Gambling Association last month to announce support for Internet gambling regulation.

    "We believe the significant job and revenue creation potential provides an immediate incentive for the Obama Administration and Congress to act quickly to regulate Internet gambling," added Waxman. 

    "Leaving in place a failed prohibition should no longer be the government’s misguided policy approach, leaving millions of Americans vulnerable as they continue to find a way to gamble online in a thriving underground marketplace."

     

  • Updated Internet Gambling Bill Would Generate $30 Billion For States

    The Safe and Secure Internet Gambling Initiative told WebProNews today it strongly supports Representative Jim McDermott (D-WA) for the introduction of an updated version of the Internet Gambling Regulation and Tax Enforcement Act of 2010.

    The updated legislation would guarantee taxes and fees are collected from wagers placed online in order to raise much-needed revenue for federal and state budgets.

    The most significant change from earlier versions of the legislation is a provision that allows each state and tribal government to be paid six percent of all deposits placed by residents of their jurisdiction with online gambling operators. This provision combine with other taxes, would generate an estimated $30 billion or more in new revenue for the states and tribal areas over 10 years.

    In addition the legislation would allocate 25 percent of the federal revenue, estimated by the Congressional Joint Committee on Taxation at nearly 42 billion over 10 years, to provide assistance for those in foster care.

    Michael-Waxman-Internet-Gam.jpg"This legislation is a win-win for federal and state leaders, providing an opportunity to regulate a currently off-shore and underground industry, protect consumers and put to good use tens of billions in otherwise lost revenue," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. 

    "At a time when many policy makers are faced with significant budget shortfalls, it is only common sense to choose regulation that will generate new revenues and create new jobs currently offshore as an alternative to layoffs, program cuts or imposing broad-sweeping taxes that may further depress struggling families and businesses."

    All but six states face budget shortfalls for the 2011 fiscal year, some states, including California, New Jersey, Florida and Iowa have already begun to weigh options to bring regulated Internet gambling to their jurisdictions.

    Representatives Barney Frank (D-MA), Chairman of the House Financial Services Committee, John Larson (D-CT), Chair of the House Democratic Caucus, and Earl Blumenauer (D-OR) have signed on as original co-sponsors of the Internet Gambling Regulation and Tax Enforcement Act of 2010.

    Representative McDermott’s legislation is meant to serve as a companion to the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009, legislation introduced by Chairman Frank that would allow licensed operators to accept wagers from individuals in the U.S. 

    In addition, Chairman Frank’s legislation would mandate a number of significant consumer protections and reinforce the rights of each state and tribal government to decide to allow online gambling activity for people accessing the Internet within their borders and to apply other restrictions on the activity as necessary.

     

  • New Legislation Aims To Regulate Internet Gambling

    The Safe and Secure Internet Gambling Initiative, an advocacy group, said today it supports the introduction of legislation by Senators Ron Wyden (D-OR) and Judd Gregg (R-NH) that includes provisions to legalize and regulate Internet gambling under the "Bipartisan Tax Fairness and Simplification Act of 2010.

    Michael-Waxman-Internet-Gam.jpg   "With so much media focus on the differences between Democrats and Republicans in Congress, this bipartisan initiative highlights the growing support on both ends of Capitol Hill for replacing the failed prohibition on Internet gambling with a system to regulate the industry, protect consumers and generate billions in new revenue," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. 

    "We applaud Senators Wyden and Gregg for taking the initiative to address and drive this issue."

    Provisions to regulate Internet gambling are similar to those included in the "Internet Gambling Regulation, Consumer Protection and Enforcement Act" introduced last year by House Financial Services Committee Chairman Barney Frank (D-MA). Chairman Frank’s bill has the support of a group of 65 bipartisan co-sponsors.

     A Joint Committee on Taxation analysis found that regulating Internet gambling would generate nearly $42 billion over 10 years for the U.S. Treasury. The analysis is based on the provision of federal license for operators that would allow them to offer online gambling in the U.S., while still prohibiting sports betting.