BingoT
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- Joined
- Dec 16, 2004
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Betting On Online Betting In America
To every yin there’s a yang, every Cheech a Chong, every bet a bookmaker and every cash-strapped economy an incentive to legalize activities that contribute significant tax dollars.
Hence, there is a significant likelihood the United States will change its position and allow online gambling for its businesses and citizens. When this happens it will be a boon for many players in the gambling business. And it’s going to be big: US citizen participation is predicted to generate $12 billion in annual revenue!
There is Too Much at Stake
Goldman Sachs seems to have been a bit early in June of 2009 when the influential investment bank predicted the United States would legalize online gaming saying
“We believe it is logical to assume that the US market will eventually regulate – given the potential implications for US tax take, if nothing else,”
“Were the market to be legalized, we believe that the size of the revenue opportunity could increase materially,” it continued. “Based on an assumption of 30% penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3bn.”
“Were GGR to increase to 45%, and GGR per player rise to $400, the size of the poker market alone could be worth $6bn. We also estimate that the casino market could expand to a similar scale, based on various offline penetration assumptions.”
But the timing and the details are still up in the air. Goldman suggested it could take a while for these changes to take place. A congressional report from November 2009 stated that regulated online gambling could generate $42 billion in revenues for Government over 10 years. Representative Barney Frank has been lobbying to get online gambling legalized and regulated for quite some time, having introduced the Reasonable Prudence in Regulation Act, and the Internet Gambling Regulation, Consumer Protection, and Enforcement Act in 2009, which would overturn the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. The UIGEA:
“prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law.”
Steve Bulwa, Bulwa Tech Report
To every yin there’s a yang, every Cheech a Chong, every bet a bookmaker and every cash-strapped economy an incentive to legalize activities that contribute significant tax dollars.
Hence, there is a significant likelihood the United States will change its position and allow online gambling for its businesses and citizens. When this happens it will be a boon for many players in the gambling business. And it’s going to be big: US citizen participation is predicted to generate $12 billion in annual revenue!
There is Too Much at Stake
Goldman Sachs seems to have been a bit early in June of 2009 when the influential investment bank predicted the United States would legalize online gaming saying
“We believe it is logical to assume that the US market will eventually regulate – given the potential implications for US tax take, if nothing else,”
“Were the market to be legalized, we believe that the size of the revenue opportunity could increase materially,” it continued. “Based on an assumption of 30% penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3bn.”
“Were GGR to increase to 45%, and GGR per player rise to $400, the size of the poker market alone could be worth $6bn. We also estimate that the casino market could expand to a similar scale, based on various offline penetration assumptions.”
But the timing and the details are still up in the air. Goldman suggested it could take a while for these changes to take place. A congressional report from November 2009 stated that regulated online gambling could generate $42 billion in revenues for Government over 10 years. Representative Barney Frank has been lobbying to get online gambling legalized and regulated for quite some time, having introduced the Reasonable Prudence in Regulation Act, and the Internet Gambling Regulation, Consumer Protection, and Enforcement Act in 2009, which would overturn the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. The UIGEA:
“prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law.”
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Steve Bulwa, Bulwa Tech Report