US players take note: with legalization may come heavy taxation
Aug 11, 2009
US Representative Barney Frank has been working for many months trying to change online gambling laws in the US. The current laws put pressure on US banks, and make it difficult for players to transfer money to and from online casino accounts. A few weeks ago, it was announced that US Senator Robert Menendez planned to introduce a bill to the Senate that is very similar to the bill Frank is pushing through the House of Representatives. Both bills have a similar aim – to overturn the UIGEA, which is the 2006 act that makes online gambling in the US difficult.
A few days ago, the Menedez bill became official. It was also revealed that this new bill calls not only for the legalization and regulation of online gambling in the US, but also for heavy taxation. If this bill passes, a 10% tax may be levied on all deposits US players make at online casinos and other gambling sites, regardless of where the casino is located. This tax money will be distributed to both state and federal governments. The US online gambling industry is one of the biggest in the world, so this tax money could give the US economy a significant boost.
While this might seem like bad news, US players should consider this to be a small price to pay for the right to gamble freely on the internet. The return of online gambling to the country would mean that internet casinos using software like Microgaming and Playtech will once again be accessible to US players (currently, only a few software producers still let US players enjoy their internet casinos). Plus, more banking methods will open up, and US players will find it much easier to make deposits and withdraw winnings.
There are a lot of signs lately that suggest the US is moving towards legalizing online gambling, so the next few months will be crucial. A lot will change if the US online gambling laws are re-written. Until then, US players should check out our top picks for internet blackjack sites to enjoy.
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