A UK-based market analysis firm just released a study which suggests that the legalization and regulation of internet gambling in the US would provide the country’s economy with a significant boost by creating somewhere in the neighborhood of 32,000 new jobs over the course of just five years.
H2 Gambling Capital further suggests that the regulation of internet gambling in the country could generate $57.5 billion in tax revenues over the same five-year period. In total, the study claims that the legalization of online gambling would spark $94 billion worth of new economic activity.
“This study should provide further incentive for the Obama administration and Congress to act quickly to regulate Internet gambling,” says H2 director Simon Holliday.
The report further argued that the current strategy of trying to keep online gambling sites in the USA illegal is in fact a drain on the economy, and is costing the loss of billions of dollars to the American economy.
More significantly, the report insists that the current American gambling laws are driving players to gamble at internet sites that are hosted offshore. Some of these sites are not well regulated by local authorities, which could pose problems for players. Conversely, the legalization of internet gambling in the US would allow for onshore regulation and oversight.
There are currently a number of bills passing through the hands of lawmakers which propose the legalization of internet gambling, and some of them, like the bill introduced by Rep. Barney Frank, are attracting quite a lot of attention.
Industry insiders are optimistic, and some of the world’s largest gambling firms are already positioning themselves in a way that will give them an advantage should the industry open up in the future. Players remain hopeful, looking forward to seeing the laws change.