Internet Gambling Could Net $52 Billion for the United States

Considering that the U.S. economy is slumping, the regulating of the internet gambling industry may help the country out. Even though the internet gambling industry took a big hit when the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed by the Bush administration, many have called to reverse the act, which blocks internet payment methods.

A recent report from Reuters may stoke the fire to the controversial issue of reversing the UIGEA. In the report Reuters cited a study from PricewaterhouseCoopers stating,

The United States could raise nearly $52 billion in revenue over the next decade by lifting [the UIGEA] and taxing the activity instead.

There are now reasons for optimism in the U.S. for regulating the internet gambling industry that are:

A new administration with new president Barack Obama, who wants to jolt the nation’s economy.

A European Union suggestion that they may take action against the U.S. in terms of their stance on Internet gambling.
Representative Barney Frank has recently stated that he will propose new legislation that will seek to reverse the UIGEA.

The Reuters report went on to say,

Gambling advocates hope the U.S. government’s need for new revenue in the aftermath of huge bailout and stimulus packages will boost chances for Congress to replace the ban with new measures to regulate and tax online gambling.