Internet Gambling: "Underground and Uncontrolled"

Gambling isn't just for the casinos anymore. A new wave of gambling has taken over and that is the unregulated industry of internet gambling. Currently in this country it is illegal to gamble online however, it is legal to sit in a casino and gamble in 48 states. Sounds strange huh? I believe so...I chose this interview with Michael Waxman:Executive Director of the Safe and Secure Internet Gambling Initiative, that I found on C-SPAN because of the impact certain proposed bills could have on our economy. Throughout this video Mr. Waxman explains the positives, that when regulated, internet gambling could have.

Currently there are ways for internet users to gamble online through companies that are located off shore(of the US) and they are not regulated. An estimated 10s of millions of dollars are being exchanged through these websites on everything from online poker to sports betting. As Mr. Waxman says "Gambling is apart of or Culture" and is going to continue. I agree with Mr. Waxman in saying that the best way to handle this issue is to regulate it to help provide safeguards for underage, compulsive and fraudulent gambling. If regulated people would know that the websites they are gambling on are licensed and reputable.

Beyond the fact that consumers would know that they are on and dealing with licensed companies, government could place taxes on theses licenses creating a new form of revenue. As pointed out in the video, a possible 42 billion in federal tax and up to 30 billion in state tax revenue could be collected from theses companies. This is NEW revenue, that could help our economy, which is currently being lost off shore. All the taxes that would be collected would be from licensing fees and come from the companies not the consumers. Some people argue the fact that it would create a issue with problem gamblers however, in the bills being proposed, the internet sites would be required to set loss limits, advertise for gambling help and post odds for games.

No matter the case, internet gambling will continue to happen whether it is regulated by our government or not. The biggest difference I see is that without regulation, our economy is losing out on billions that could be used to reduce our deficits. This is a very interesting video and brings to light a very interesting topic that is being debated in our congress right now. I suggest watching this video and forming your own opinion but I see the positives out-weighing the negatives.