The Safe and Secure Internet Gambling Initiative

The Safe and Secure Internet Gambling Initiative announced its support for the Internet Gambling Regulation and Tax Enforcement Act, introduced today by Congressman Jim McDermott (D-WA). The bill would create a taxation regime for online gambling companies to be licensed under the recently introduced Internet Gambling Regulation and Enforcement Act (H.R. 2046).
As Congress works to find funding for critical government programs, Congressman McDermott’s legislation is expected to generate between $6 billion and $25 billion in revenues for the U.S. Treasury in the first five years of enactment.
Regulated Internet gambling would protect an individual’s freedom to use the Internet as they choose, generate funding for critical government programs and protect against underage gambling, compulsive gambling, money laundering, identity theft and fraud. Current efforts to prohibit Internet gambling are futile. Americans continue to gamble online, but without safeguards and protections.
Congressman McDermott’s legislation functions as a companion bill to the Internet Gambling Regulation and Enforcement Act, which would establish a licensing and enforcement framework for regulated Internet gambling in the U.S. Under the licensing legislation, each Internet gambling operator licensed by the Financial Crimes Enforcement Network (FinCEN) would be required to pay a fee of two percent of all funds deposited by any person placing a bet. The license fee would be paid solely by the Internet gambling operator and would not be deducted from the deposit of the person placing a bet. Licensed operators would also be required to ensure the collection of applicable federal and state taxes from licensees and from individual gamblers.

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