PricewaterhouseCoopers recently released the results of a study they conducted for UC Group, which is an online payment service company, concluded that the USA could stand to earn nearly $52 billion over the course of 10 years. How? It’s simple – by regulating and taxing online casinos. Easy enough, right?
Not really, but we’re getting there. Barney Frank is due to submit a bill as early as March to start the process of repealing the UIGEA, which was passed in 2006. The UIGEA was attached (which Obama is dead set against) to the Port Security Act, or else it would have never passed on its own.
I tend to agree with Jeffrey Sandman, a spokesman for the Safe and Secure Internet Gambling Initiative, who was quoted as saying “There is a dramatic need to have a regulated system that protects American consumers. Right now, it’s the Wild West,” when commenting on this study. If you have gambled online recently, you would understand that it’s pretty much everyone for themselves, for the most part, when it comes to certain USA facing casinos that try to take advantage of players. Casino affiliate sites do the best they can to steer players away from rogue casinos by keeping both a blacklist, as well as a recommended list of casinos that are safe to play at. The key to everything is to do your homework and study up on the casino(s) you want to play at before you download, install their software, signup for an account and make your first deposit. Doing so will save you both a headache and money in the long run!
In closing, I believe that this study will definitely add fuel to the fire for Barney Frank’s bill to repeal the UIGEA. The USA economy is a disaster right now, and even though it may be years before we’re out of this recession (depression, IMO), an extra $52 Billion over 10 years definitely wouldn’t hurt. Keep in mind that this study only covered online casinos in operation today, and doesn’t mention what would happen if Vegas and other land-based casinos stepped into the picture and started their own online casinos. That number of $52 Billion could at least double, if that happened…