The House Committee on Financial Services also took a serious look on how online gambling would fall under tax laws. Some framework laws are in place, but with online gambling a relatively new entity in United States gambling there would need to be new laws and tax guidelines established. Washington Representative, Jim McDermott proposed House Resolution 4976, the Internet gambling Regulation and Tax Enforcement Act of 2010. His bill focused on how states and the federal government could collect taxes and fees from companies who wish to set up online gambling operations within the United States. The bill has met some debate, but it is a major step to clearing a large hurdle when it comes to online gambling regulation. Online gambling could generate close to $42 billion for the federal government and $30 billion for the states in a matter of ten years. With the economy slow to recover these numbers are attractive.

Those who will vote on the issue of taking the Internet Gambling Regulation, Consumer Protection, and Enforcement Act to the floor, and those who will, hopefully, vote on it, will have to take into consideration the Consumer Protection side. This not only means protecting the public’s identity and financial information, but from the pitfalls of gambling itself. Online gambling would ease the access to gambling to under age gamblers and those who have gambling addictions. The government has to make sure they protect against an unscrupulous online gambling company from taking advantage of these groups.

That being said, most would feel that the committee’s hearings were successful. Many professionals with varied backgrounds and expert experience gave their thoughts on the legalization of online gambling in the United States. Lawmakers are in a position where online gambling isn’t that other thing they have to think about. It is real and the bill could be a good bill. The United States could see major leaps forward in the months ahead when it comes to legalizing and regulating online gambling.

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