Friday, July 30, 2010

Should Internet Gambling Be Legalized?

New York Times
July 29, 2010

The House Financial Services Committee approved a bill on Wednesday that would lift the ban on Internet gambling by authorizing the Treasury Department to license and regulate Web-based nonsports betting operators. A companion measure pending before the House Ways and Means Committee would let the Internal Revenue Service tax winnings from online wagers.

While the legislation is a long way from becoming law, the prospect of taxing the winnings that have been estimated at $42 billion over 10 years would be a huge source of revenue for the government. Should Internet gambling be legalized?