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 US lawmakers are finally getting smart about the regulation of online casinos. With so much potential revenue on the line it's about time they get their act together. According to a study done by H2, US citizens spend about $6 billion annually at online casinos even with bans put in place against online gambling. With the country facing a deficit of more than $13 trillion, the tax revenue the industry could produce is money the government just can't afford to ignore anymore.
"First of all, they know that billions of dollars are being lost overseas. They know that Internet gaming goes on all of the time," said US Representative Dean Heller of Nevada to the Reno Gazette-Journal. "How do we take a piece of the action and bring it back into this country?"
Heller's thoughts echo many legislators. Representative Jim McDermott of Washington recently began work on a bill that would allocate revenue from potential online gambling taxation to government run programs.
"We are sending a multibillion industry offshore and underground," McDermott told the Ways and Means Committee at a Congressional hearing on his bill. "As a result, we are making tax criminals of Americans who can't declare their online winnings to the IRS."
Experts say that the land-based casino operators are ready to make the jump into the online market but they are being held back by current laws that do nothing but force gambling online underground.
"Obviously, every Nevada casino out there would probably have a site, if they legalize it," said Larry Woolf, CEO.
Many lawmakers and poker support groups are working hard to try and open up the industry legally to American players and to finally allow the government to get in and regulate the often uncertain industry. To find out what you can do to help and to connect with other poker players in your area visit theppa.org today. The government is run by the people so make sure you let your legislators know what you think is best for everybody.
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