Study on US Reveals Major Tax Potential

The UC Group commissioned Price Waterhouse Cooper to do a study on United States. The UC Group wanted to know how much tax could be created if the Internet Gambling Regulations and Enforcement Act of 2007(IGREA) and Jim McDermott's H.R. 2607 were passed. The IGREA would regulate and license online gambling in the United States and the H.R. 2607 would tax online gambling companies by two percent for a licensing fee.

Price Waterhouse Coopers came to the conclusion that the United States could gain at least $8.7 billion and possibly up to $17.6 billion in the next decade if online gambling was taxed and regulated. The study included poker but not sports wagers.

The Global Betting and Gambling Consultants created estimates for Price Waterhouse Coopers minus the sports betting amounts. This was done because if the IGREA is passed most US sports teams will be not be allowed to be bet upon.

Price Waterhouse Coopers came up with two estimates. The $17.6 billion would be generated if all the states that allow land based gambling decided to begin online gambling. The $8.7 billion amount was estimated without the ten states that have current laws on online gambling.

If tax and regulations were created on online gambling and all states participated then an estimated $33.9 billion in taxes would be created in the next ten years. This is of course according to the study. The figure would also increase considerably if sports betting came in to play. Maybe this information will help get the two bills stated above passed and the necessary steps taken to legalizing online gambling in the United States.