jolubman
Visionary
Silver Level
States Looking for Increased gambling Revenue to Ease Budgets
Published 10/21/2008
The nation’s economic woes continue to mount and with the credit crunch wrecking havoc on budgets big and small, it is no wonder that state governments are looking for other ways of ensuring revenue during these tough times.
So it comes as no surprise that many states are looking to losen the restrictions on gambling in order to generate new streams of revenue. With that in mind, politicians might even start looking to online gambling as a potentially lucrative source of income.
Currently Colorado and Missouri have both got raising maximum bets on their ballot while Colorado voters are also going to decide on whether or not they should expand operational hours.
Meanwhile Ohio is considering giving licenses to land-based casinos and Maine is toying with a proposal that would create a huge casino resort in the state. Maryland has been debating slot expansions at state racetracks for several years.
While so many states are looking to increase gambling in their jurisdictions either by loosening their laws or expanding existing laws the real cash cow is being completely ignored by all levels of government.
The regulation and taxation of online gambling would bring in far more money than any land-based casinos, racetracks or slot machines combined, and yet the federal government is still side-stepping the issue entirely.
Barney Frank’s office has estimated that nearly $40 billion could be tapped annually from legalizing and collecting taxes from online gambling sites. So, it seems rather strange that states are still not warming up to the potential revenue stream found in Internet gambling.
Published 10/21/2008
The nation’s economic woes continue to mount and with the credit crunch wrecking havoc on budgets big and small, it is no wonder that state governments are looking for other ways of ensuring revenue during these tough times.
So it comes as no surprise that many states are looking to losen the restrictions on gambling in order to generate new streams of revenue. With that in mind, politicians might even start looking to online gambling as a potentially lucrative source of income.
Currently Colorado and Missouri have both got raising maximum bets on their ballot while Colorado voters are also going to decide on whether or not they should expand operational hours.
Meanwhile Ohio is considering giving licenses to land-based casinos and Maine is toying with a proposal that would create a huge casino resort in the state. Maryland has been debating slot expansions at state racetracks for several years.
While so many states are looking to increase gambling in their jurisdictions either by loosening their laws or expanding existing laws the real cash cow is being completely ignored by all levels of government.
The regulation and taxation of online gambling would bring in far more money than any land-based casinos, racetracks or slot machines combined, and yet the federal government is still side-stepping the issue entirely.
Barney Frank’s office has estimated that nearly $40 billion could be tapped annually from legalizing and collecting taxes from online gambling sites. So, it seems rather strange that states are still not warming up to the potential revenue stream found in Internet gambling.
