States Looking for Increased Gambling Revenue to Ease Budget

jolub

States Looking for Increased Gambling Revenue to Ease Budgets

Published 10/21/2008

The nation’s economic woes continue to mount and with the credit crunch wrecking havoc on budgets big and small, it is no wonder that state governments are looking for other ways of ensuring revenue during these tough times.

So it comes as no surprise that many states are looking to losen the restrictions on gambling in order to generate new streams of revenue. With that in mind, politicians might even start looking to online gambling as a potentially lucrative source of income.

Currently Colorado and Missouri have both got raising maximum bets on their ballot while Colorado voters are also going to decide on whether or not they should expand operational hours.

Meanwhile Ohio is considering giving licenses to land-based casinos and Maine is toying with a proposal that would create a huge casino resort in the state. Maryland has been debating slot expansions at state racetracks for several years.

While so many states are looking to increase gambling in their jurisdictions either by loosening their laws or expanding existing laws the real cash cow is being completely ignored by all levels of government.

The regulation and taxation of online gambling would bring in far more money than any land-based casinos, racetracks or slot machines combined, and yet the federal government is still side-stepping the issue entirely.

Barney Frank’s office has estimated that nearly $40 billion could be tapped annually from legalizing and collecting taxes from online gambling sites. So, it seems rather strange that states are still not warming up to the potential revenue stream found in Internet gambling.

addam00 · hi

I think if uas has onlin sites it would help out econonmy with money... I mean I like the foriegn aid policies we have but I think we should be worring about out own country and use that money right now..

Arjonius

It's comical (in a sad way) to see how the US government levels are so mixed up and morally confused. Increased betting levels comprise a prime example. It's fine in a particular state to bet $x but not $x+1, and this doesn't matter whether you're a gazillionaire or betting spare change you bummed on the street.

And of course, there's also a clear difference - in their minds anyway - where betting live is fine but online isn't.