Study Shows New Estimates On Legal Online Gambling Revenue

Gambling News - January 6th, 2010 - Written By Glen

Kenilworth Systems Corporation has recently distributed a press release showing that online gaming is a highly profitable affair when properly taxed.

According to the report, the first month of a live roulette test at the Sosua Grand Casino, located in the Dominican Republic, showed that online gaming is definitively profitable and viable as a business. Thousands of players have used the table, which has led to great expectations over the remainder of the six month test.

In the press release, Herbert Lindo, CEO of Kenilworth, stated that the "decision to delay the implementation of Bush Administration's 'Unlawful Internet Gambling Enforcement Act of 2006' until June 1, 2010, provides a great opportunity for House Financial Services Committee Chairman Congressman Barney Frank to gather momentum for the passage of his Internet Gambling Consumer Protection and Enforcement Act."

The Internet Gambling Consumer Protection and Enforcement Act would legalize, tax, and regulate the Online Gambling industry. Both online casinos and USA poker rooms would be protected by the act, though online sportsbooks would still remain in the legal grey area in which they reside today. Billions of dollars could be generated from all of the states on a yearly basis.

Current estimates show that $63 billion dollars in taxes could be generated from Internet gambling over a period of ten years. This would include the taxes paid directly by the online gambling venues, but also the licensing fees associated with establishing these venues.

The only true "X factor" in deciding whether or not to legalize and license online gambling sites in the United States is what would happen to the current casinos and poker rooms operating over seas. As many of these enterprises are already multi-billion dollar corporations, the question over whether or not offshore gambling sites would be able to receive American licensing is one that many have asked.

Fortunately, almost five months remain until the UIGEA will once again descend upon online gamblers.

Source - http://www.prnewswire.com/news-releases/billions-of-dollars-available-annually-with-approval-of-on-line-gambling-80779462.html