Taxation in Exchange for Legalization of Online Gambling
Every industry expert is in agreement that there is a lot of money to be made from online gambling. This year alone, the online gambling industry has managed to generate $10 billion in revenues. So far, online casinos operators are the only ones cashing in from the enormous success of what has become the fastest growing online industry ever. This passing Sunday, the popular CBS news show “60 Minutes” discussed future taxation of the online gambling industry in exchange for its legalization in the US.
From the online casinos standpoint, the legislation of online gambling will cement the industry at the heart of mainstream. This would surly add new online casinos players who have been timid to give online gambling a shot thus far. The show interviewed experts who claim that had the US tax online casinos in exchange to the legalization of the online gambling, US would have collected close to $2 billion in tax dollars. This money would have been divided between all the different states. Show me one state official who would object to collecting millions of dollars in tax revenues.
As it stands now the core of the online gambling industry operates within Gibraltar. Online casinos operators have chosen this region in particular given its lenient tax regime, which allows them to increase their profits. The UK has realized the enormous earning potential of online gambling and is now working on reducing taxes on online gambling to entice operators to relocate to Britain.
- 22 Nov 2005
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