Currently in the United States of America, the only form of online game legalized by the federal government is wagering on horse races. The amount of money bet on races has increased exponentially across the country and could be considered the sole reason that racing is surviving in so many states.
Still, a number of states have bans against horse racing and greyhound wagering online due to a number of factors. As of January 2010, no form of online sports wagering is legal. In 2006, President George W. Bush signed into law the "Unlawful Internet Gambling Enforcement Act."
This act basically limited the United States companies that transferred money to and from online wagering accounts. The date the act was signed was the last date that sites such as NETELLER and CLICK2PAY were allowed to knowingly transfer money from an account holder's account to an online gambling site.
Since the act was signed, online gaming revenue has found other means of being funded, but it is so hard for the government to regulate when billions of dollars are getting shipped overseas every year. Here are the reasons why the United States should legalize and regulate online gambling.
If the United States were to tax online gambling in the same manner in which they have taxed other entertainment, such as horse racing, slot machine winnings, and state operated table games, they would create a new stream of revenue totaling millions.
2. Job Opportunities
With legalization in the U.S. thousands of jobs would be created in the government and in the private business sector. President Obama has yet to take a firm stand on online gambling. He is looking for new ways to create new jobs and this would be a huge benefit to the unemployed sector of the country.
If companies like MGM-Mirage and the Harrah's Corporation were to start up their online portion of gambling, they could easily employ thousands more with the generated revenue stream. There would be a need for monitors, customer service centers, casino hosts for major gamblers, and new management for each sector of online gambling. Casino room, poker room, and horse racing wagers would need a sole department to handle all of the wagers coming in.
These are just two of the options that could improve the state and federal debt. All of that could change with a simple approval and change to the law. Private business would begin to open and operate from within the country; it would benefit you, me, and all American citizens.