With the effects of the Unlawful GClub Internet Gambling Enforcement Act (UIGEA) making themselves clear one month after the bill was made into law, many are asking themselves 'What are its benefits?'.
The US government says that it passed the UIGEA law because it was worried about a rise in online gambling addiction. Since online casinos put gambling access into every home in America, they believe that Americans are now at a severe risk of developing gambling addictions.
However, as the government shouts about an online gambling addiction epidemic, studies show that no major rise in gambling addiction exists. In fact no large rise has taken place in gambling addictions over the last 10 years, almost the whole lifespan of the online casino industry.
Current speculation claims that the real reason behind the UIGEAis that online casinos are not based in the USA and therefore are not taxed by the US government. Also, since online gambling is not regulated and monitored, Americans do not pay taxes on online casino wins like they do on land based casinos. It is estimated that the US government is losing out on nearly $600 million in taxes each year.
Some rumors claimed that the UIGEA was an attempt by Republicans to hold on to a majority in this year's mid-term Congressional elections. The ban would have attracted the right winged Christian based voters. However the move obviously backfired, and the Democratic party took the house in an overwhelming win.
We'll see what takes place in the upcoming Presidential elections, during which we may see a promise to legalize online gambling and repeal the UIGEA. If politicians want to use online gambling as a political maneuver, it will be more beneficial to promise American billions in tax dollars and jobs.
Although the negative aspects of the industry have been discussed to the point of nausea, few are talking about what the online casino industry will do for the United States. So what are the benefits of legalizing and regulating the online casino industry?
After a year or so of the UIGEA being in effect, many of the 3,000 small online sites will have gone out of business (it's already started), and only the largest online casino companies will be left standing. The larger casinos will be out of the US market and American land-based casinos will be free to take over if the ban is repealed.
Legalized royal1688 casino online casinos would bring billions into the United States economy, and rumors already exist that Vegas casinos are pushing to repeal the ban and take advantage of the wide open gap in the industry.
