There seems to be no stopping the wheel of progress in the U.S. online gambling market. There is not a day that goes by where there are not new developments either by individual states or legislators. Everyone is waiting to see where the dust settles. While many want to enjoy the benefits of legalized internet gambling, many states are hesitant to be the first to jump in the water.
Major gambling companies like Caesar’s Entertainment are just one of many who are poised to enter the arena as soon as the legalities are cleared up. Chief Executive Gary Loveman summed up his optimistic feelings in a recent interview on CNN,” People will be able to play online legally in the United States in many places very soon.”
Many believe that online gambling like poker and scratch cards are just two types of gambling that are soon to be offered to al U.S. citizens. Loveman was quick to point out what many clear thinking people have already said, in that it makes no sense that currently U.S. citizens are only allowed to gamble online through illegal betting companies. On the other hand they are not allowed to legally play online in their own states. The reality of allowing U.S. citizens to gamble through offshore companies but making it illegal for American companies to offer the same service is bewildering to many.
Loveman points out that tax revenues from online gambling like scratch cards and poker are currently been lost to overseas companies who are not subject to any U.S regulation. Should the federal authorities decide to regulate online scratch cards and poker they would be in a potion to reap in the rewards of huge tax revenues from these players.
Many industry leaders like Loveman are pushing for intern legalization on a federal level and not on a state by state level. Loveman estimates that if legalized by the federal government, tax revenue from gambling like online lottery, poker and scratchies could reach over $8 billion a year. The alternative of individual states legalizing online gambling would mean reduced revenues.
With unemployment high and funds scarce, it stands to reason that taxes from online scratch cards and poker are essential for both the individual states and the U.S. economy in general. With elections around the corner scratchcard and poker taxation would give the politicians the best alternative to raising taxes.
It is worth noting that no matter which approach is ultimately adopted b the U.S. authorities it is estimated that the federal government would benefit from 15% of tax revenues which would mean billions in much needed revenues for all.
It is hard to see how the wheel of progress can be turned back. Legalizing online poker and online scratch cards seem to be the optimum method for both states and gamblers to mutually benefit from each other.