New Jobs with Online Gambling Regulation?
Representative Barney Frank has been at the forefront of trying to repeal the online gambling ban and now he may have another weapon in his arsenal to do so. There has been a recent study done by H2 Gambling Capital that showed that around 32,000 jobs could be created if the United States were to legalize and regulate the Internet gambling industry.
Frank has already introduced legislation that would regulate Internet gambling in the United States. There is also another bill that would also do away with the Unlawful Internet Gambling Enforcement Act (UIGEA), which was made a law in the Bush Administration back in 2006.
The H2 Gambling Capital is a group that is seen as one of the best in their field in terms of both collecting and looking into data for the gambling industry around the world. Since the unemployment rate continues to increase in the United States the group has stated that within a period of 5 years there may be up to 32,000 jobs that would be created by the Inter gambling industry.
As it stands now, companies that are set up offshore deal with most of the gambling market in the United States. Companies cannot get legal gaming licenses in the United States, since the UIGEA is in effect, so US gamblers must gamble at these unregulated websites in order to play. Frank has stated that the US Government has to protect American citizens against these websites, which are not regulated and are really not legal for US players.
It has been planned that the House Financial Committee would be talking about the legislation Frank put forth, but the hearing was delayed until a later time, as there are more important issues on the docket. Frank and the people who believe in his cause will have to wait until June of this year for the legislation to be heard and passed and if it is passed the UIGEA rules would be more clear and come into effect.
Besides the jobs that would be created by the regulation of Internet gambling in the United States, the US Government would reap billions of dollars. There has already been a study performed that has shown this. There will be various gaming and financial experts that will take part in the legislative discussions that will show the effect that regulating the Internet gambling industry will have on America.
Not only does it look like the Federal government will reap the benefits of legal Internet gambling, but many states would as well, which is why online gaming may be legalized on the state level before the federal one.
