Motley Fool: Online Poker Could Help Prevent Fiscal Cliff
Travis Hoium of the Motley Fool suggested in a piece penned Wednesday November 28 that online poker could help towards preventing the so-called “fiscal cliff”.
Republicans don't want to raise taxes, but right now online gaming isn't taxed because it's only sort of legal, so a revenue opportunity is slipping away from the government. This would be an easy revenue addition for the government and clarify a confusing issue for poker operators, players, and states.
He added:
Right now we have multiple bills that would regulate online poker floating around the halls of Congress, and it's not inconceivable that one of these could be slipped into a more comprehensive budget plan relating to the fiscal cliff. A few billion dollars of revenue over 10 years from online gaming may not make a deal possible, but it could help bridge the gap when details are being negotiated.
Senate Majority Leader Harry Reid (D-Nevada) and Senator Jon Kyl (R-Arizona) have come together to draft legislation that would effectively crack down further on some forms of online gambling while exempting Internet poker from current prohibition. Ask any Web gambling operator today, however, and they will tell you the real revenue generators are in online casino games and sports betting.
The state of New Jersey is looking to pass legislation allowing all forms of Internet gambling shortly. They are currently in a legal battle with the professional sports leagues and NCAA over intended licensing of sports wagering operators at the start of the new year.
- Gilbert Horowitz, Gambling911.com
