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A new economic analysis report prepared by PricewaterhouseCoopers has found that the United States government stands to gain nearly $52 billion in tax revenue over the next ten years if Congress was to repeal the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA).
The study estimates that the taxing and regulating of the internet gambling industry will put up to $51.9 billion back into the pocket of the US government.
These findings are good news for supporters of House of Representatives Financial Services Committee Chairman Frank Barney legislation to repeal the UIGEA.
Barney plans to re-introduce a new law in the coming weeks that would regulate the industry and ensure revenue that is lost to offshore gambling operators are collected and remain in the U.S.
“I want to get it undone,” said Barney about the UIGEA. “If an adult in this country, with his or her own money, wants to engage in an activity that harms no one, how dare we prohibit it.”
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