Repealing UIGEA and Taxing Online Gambling Worth $52 Billion Over 10 Years

by Lou on February 26, 2009

A new analysis prepared by accounting firm PricewaterhouseCoopers [PWC.UL] concludes that the United States could raise nearly $52 billion in revenue during the next decade by repealing the Unlawful Internet Gambling Enforcement Act (UIGEA) and taxing online gaming instead.
UIGEA bars businesses from knowingly accepting payments related to unlawful Internet gambling.
PricewaterhouseCoopers’ latest estimate of how much the United States could raise from regulating and taxing Internet gambling is about 22 percent higher than it was in 2007 because U.S. online gambling has grown despite the ban, according to Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative.
House of Representatives Financial Services Committee Chairman Barney Frank (D-MA) plans to reintroduce a bill within the next month (see blog entries dated February 4 and 25) that seeks to overturn UIGEA, approved when Republicans controlled both houses of Congress and Republican George W. Bush was in the White House.

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