Regulated Industry Projected to Create New Jobs and Economic Growth
WASHINGTON, June 20, 2011 /PRNewswire-USNewswire/ -- The Safe and Secure Internet Gambling Initiative applauds Representative Jim McDermott (D-WA) for Thursday's introduction of the Internet Gambling Regulation and Tax Enforcement Act of 2011 (H.R. 2230), which would ensure that taxes and fees are collected from wagers placed over the Internet in order to raise much-needed revenue for federal and state budgets. H2 Gambling Capital, the leading supplier of data and market intelligence regarding the global gambling industry, projected in a report released last year that regulating all forms of Internet gambling except sports wagering in the U.S., would generate a gross expenditure of $67 billion over five years and 25,470 new jobs. Original co-sponsors of Rep. McDermott's bill include Reps. John Campbell (R-CA) and Barney Frank (D-MA).
"Given the clear need to support our nation's economic recovery, Congress should embrace this bi-partisan supported approach to regulate an industry that would spur economic growth and allow adults to do in their homes what they can already do in land-based casinos," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. "There is simply not a reasonable argument that can be made for keeping a failed prohibition in place, unless you are simply interested in imposing your moral beliefs on others. Regulation is the only way to protect consumers and capture significant benefits from an already thriving underground industry where all the economic benefits of the activity are lost to offshore operators."
As in the past Congress, Rep. McDermott's legislation is meant to serve as a companion to the Internet Gambling Regulation, Consumer Protection, and Enforcement Act (H.R. 1174), which was introduced earlier this year by Rep. John Campbell (R-CA). This bill, which includes language identical to what was overwhelmingly approved last year by the House Committee on Financial Services, would implement practical and enforceable standards to control Internet gambling activity and protect consumers.
About Safe and Secure Internet Gambling Initiative
The Safe and Secure Internet Gambling Initiative promotes the freedom of individuals to gamble online with the proper safeguards to protect consumers and ensure the integrity of financial transactions. For more information on the Initiative, please visit www.safeandsecureig.org. The Web site provides a means by which individuals can register support for regulated Internet gambling with their elected representatives.
SOURCE Safe and Secure Internet Gambling Initiative