introduces a pro-online gambling bill
Bill would generate billions
of dollars for important government programs and protect freedom
of individuals to gamble online.
Press Release - The Safe and Secure Internet
Gambling Initiative announced its support for the Internet
Gambling Regulation and Tax Enforcement Act, introduced today by
Congressman Jim McDermott (D-WA). The bill would create a
taxation regime for online gambling companies to be licensed
under the recently introduced Internet Gambling Regulation and
Enforcement Act (H.R. 2046).
As Congress works to find funding for critical
government programs, Congressman McDermott's legislation is
expected to generate between $6 billion and $25 billion in
revenues for the U.S. Treasury in the first five years of
"The government should not be telling Americans what we can and
can't do on the Internet," said Jeffrey Sandman, spokesman for
the Initiative. "By prohibiting a popular, recreational activity
that many millions enjoy in the comfort of their own homes, the
U.S. is also losing out on the
opportunity to collect billions in revenue."
Regulated Internet gambling would protect an
individual's freedom to use the Internet as they choose,
generate funding for critical government programs and protect
against underage gambling, compulsive gambling, money
laundering, identity theft and fraud. Current efforts to
gambling are futile. Americans continue to gamble online, but
without safeguards and protections.
Congressman McDermott's legislation functions
as a companion bill to the Internet Gambling Regulation and
Enforcement Act, which would establish a licensing and
enforcement framework for regulated Internet gambling in the
Under the licensing legislation, each Internet
gambling operator licensed by the Financial Crimes Enforcement
Network (FinCEN) would be required to pay a fee of two percent
of all funds deposited by any person placing a bet. The license
fee would be paid solely by the Internet
gambling operator and would not be deducted from the deposit of
the person placing a bet. Licensed operators would also be
required to ensure the collection of applicable federal and
state taxes from licensees and from individual gamblers.
Congresswoman Shelley Berkley (D-NV), who is
also a co-sponsor of the Internet Gambling Regulation and
Enforcement Act, recently introduced another Internet gambling
bill. This increasing activity in Congress further indicates the
growing interest and support for reform that allows American's
the freedom to gamble online.
The Safe and Secure Internet Gambling
Initiative is mobilizing supporters across the country to
support regulated Internet gambling. Founders of the Initiative
are the UC Group and Baker Tilly. Additional endorsers are
highlighted on the Safe and Secure Internet Gambling Initiative
The UC Group provides integrated payment
processing services and logistical support to online product and
service providers. Baker Tilly is an independent member of Baker
Tilly International, the 8th largest accountancy network in the
world by fees.
Published on 06/07/2007