Internet Gambling: Criminal Activity Or Cash Fund?

Internet Gambling: Criminal Activity Or Cash Fund?

Truth be told, we aren’t the biggest fans of gambling. While a good round of poker can get our adrenaline going, we do not have fun losing our money. Period. There are plenty of better ways to spend your cash, such as on your dream house or that long-awaited Christmas vacation.

Investing Is Not The Same As Poker

Investing, while considered a ‘bet’ in many ways, is not the same thing as gambling. Sure, it’s risky. But if you take the time to make educated decisions about where and how to invest, you aren’t betting away your money at all.

Illegalizing Gambling

Way back in 2006, the Unlawful Internet Gambling Act (UIGEA) banned Web-based gambling. But, instead of getting rid of the activity altogether, it merely prohibited it under law and pushed it under-the-radar.

Getting Creative About Ways To Tax

But now, as the government scrambles to find ways to raise revenues (think back to the tanning tax earlier this month), they are considering legalizing (and increasing profits through taxing) Internet gambling. On Wednesday, the House Financial Services Committee approved a bill that could legalize online non-sports gambling. Says the New York Times article, taxes on online gambling services and on the individuals’ winnings could yield as much as $42 billion for the government over 10 years.

While it does seem like the bill could make sense both from an economic and regulation standpoint (the government would now be able to oversee the gambling that was most likely taking place anyway), this might blur the line between what the government actually believes is unlawful and what it thinks can be used as a cash fund.

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