Internet Gambling:U.S Legalization Placed In Back Burner
Four years ago the US Government outlawed gambling online. There are still government leaders propagating its legalization, since they reckon it would be advantageous to the US economy.
“Sue Schnieder of eGaming Brokerage.com said that Internet gambling is not going to be legalized this year in the U.S. She’s regarded by many as an industry expert. Since 1985 she’s been keeping close tabs on developments and reckons regulation is a long shot.
To be honest, chances are slim anything could happen in the lame duck sitting after November 2nd election. Internet gambling could be allowed again, said Schnieder. Republican Barney Frank is still championing its legalization and introduced the Internet Gambling Regulation Consumer Protection & Enforcement Act. The Internal Revenue Service will receive the go-ahead from the companion bill that will impose taxes on licensed casino holders and profits. $42 billion in gambling revenue could be harvested within the next decade.
Schnieder the current legislation makes provision for revenue sharing with the states and an opt-in period which enables states to decide whether or not to allow internet gambling.
Executive director of the Mississippi Gaming Commission, Larry Gregory feels that there are some social concerns with traditional casinos. As it is it will take long before state of Mississippi legalizes online gaming.
“There are certain issues involved” he stated. “The system as a whole is rather complex, for one land-based casinos in Mississippi employs 28,000 people. Compared to this an internet casino gambling site could be operated and run by a staff of five people, to add to this you’re facing problems like identity theft, underage and compulsive gambling.”
Casino vendors have changed their perceptions in attitude the last decade. About 10 years ago most land-based casinos opposed the idea of internet casino gambling; however the majority of casinos are in support of internet casinos.
Internet gambling within their parameters are being considered by the States of Nevada, California and Florida. According to Schnieder, Poker has a huge following in these states and the majority of the populace play internet poker against each other.
The continuing debate between the ban versus supervision discussion, Schnieder said it’s no longer of consequence whether casinos can operate online and safeguard a players’ cash.
“This system is already in place,” she said. European players are at ease transferring cash directly from the bank accounts, in turn major credit cards or third party systems like PayPal are utilised with great success by other countries”, she said.
According to Gregory two forms of internet gambling are conducted at present: legal international operators that don’t permit players from the United States and illegal sites- players are robbed of millions. “These are backwater vendors he said,” he said.
MGM Resorts International and Harrah’s Entertainment are two very reputable casinos and they are in compliance with Internet gambling rules and regulations in the United States.
Schnieder said that both have tried their hand at online gambling in the overseas markets, but could not obtain the same gambling revenues they have received in the United States. Assuming legalization is permitted they already have a huge support base in the U.S”.[addtoany]