How Online Gambling Can Help the US EconomyPublished October 6, 2015 by Vlad G
Billions of dollars in revenue go to offshore jurisdiction for licensing online gambling operators which accept bets from US players.
In 2006, the United States Department of Justice came cracking down on some of the biggest operators in the country after the Unlawful Internet Gambling Enforcement Act was passed. This made online gambling illegal in the market by preventing credit card issuers and banks to process any financial transactions related to gambling on the internet. A good part of companies were forced out but several reliable operators moved their business offshore and continued to accept American customers for a grey industry worth $4 billion a year.
US players continue to enjoy online gambling
Although the current regulations prohibit online gambling throughout the nation, players from the US can still enjoy a wide variety of options from offshore websites. Some of the leading brands are Rich Casino, Vegas Casino Online and Grand Fortune Casino. Everything is safe and reliable but since the operators have to be licensed in other jurisdictions, the USA doesn’t get any money from taxes and licensing fees so the economy loses out on an important source of revenue.
It is estimated that by simply legalizing online poker in the country, the new industry would generate $2 billion a year in tax revenue, as well as create around 10,000 jobs. The argument has been used to legalize poker and online casino games in some states with great success but the list continues to be very short, with just three states offering such options as of now.
Looking at markets with legalized online gaming
The United Kingdom is the leading market with legal online gaming and it has shown a lot of promise over the years. A similar policy in the USA can mean $12.4 billion in revenue every year, while ensuring a more secure environment for players.
Various other advantages can come with a nationwide legalization of online gaming but this can take a long time to iron out. Until then, US customers can still enjoy the exciting online casino games at offshore sites.