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Right now the federal government is contemplating a long list of options when it comes to gambling. It is no secret that gambling is a billion-dollar-plus business and this is what makes it so coveted for every company out there. The gambling market is one that is estimated at $3-billion worldwide and projected to more than double by the year 2014. This means that every market is going to try to make the most of it. Right now the states are working under the UIGEA of 2006- or the Unlawful Internet Gambling Enforcement Act. This was a bill that was set to push online gambling out of the country, but in the end there were offshore companies more than willing to give US gamblers the possibility of wagering at their locations. This is exactly what happened and as a result the US ended up losing millions of dollars in tax revenue dollars. This is something that no one wants to see happen again and this is why legislators are working so hard to come up with solutions. On a federal level, the issue for the most part has been shelved. There was a time when key legislators were focused on bringing change to the US gambling world. They recognized the monetary possibilities and wanted to capitalize on them. Unfortunately, for whatever reason the issue did not move forward as quickly as they had hoped. There are other more pressing issues that are taking precedence over gambling- despite the huge dollars it potentially can bring to the US market if it is legalized and regulated properly.
Now that on a federal level the rules aren’t working– or at least aren’t working as quickly as they were hoped to be– states are taking it upon themselves to come up with their own laws. Their legislators don’t want to continue to pass up the huge tax revenue dollars or lose more customers to offshore gaming companies. They realize how much online gambling companies can potentially bring in and want to make the most of the money. This is why their legislators are prioritizing gambling law right now. They want to use it to bring change to their individual markets.
Part two coming next.