Revenue prospects lead Congress to reconsider ban on online gambling

07/29/2010 | New York Times (tiered subscription model), The

Congress is taking a second look at its decision four years ago to effectively ban Internet gambling, an activity that nonetheless continues to produce $6 billion in spending in the U.S. alone, according to some estimates. The House Financial Services Committee has approved a bill allowing the Treasury Department to license and regulate online gambling operations, while a bill pending before a separate committee would allow the Internal Revenue Service to tax such operations as well as individual winnings. Such taxes could bring in $42 billion over 10 years, an attractive revenue stream for the government.

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New York Times (tiered subscription model), The

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