| Posted by: colly at November 18, 2005, 12:29 am | | Topic: Online Gambling on Sixty Minutes Forum: Winner Online |
Quote: Originally Posted by Tomcat
A HUGE fact overlooked in regards to potential tax revenue from online gambling is that a large majority of online players LOSE money to the casinos. Any gambling tax paid to IRS would be offset by gambling losses claimed as deductions. I highly doubt that $1.2 BILLION dollars is being passed up in tax revenue but that is just a figure pulled from air to justify regulation. But it gets sticky to regulate online casinos if they are based in non-US countries.
Grandmaster has made the point re personal taxes however the lucratove taxes come by gambling to be taxed at source on the casino's usually ia licence fees and some machine or gross percentage basis. This is one of the more ridiculous outcomes of the Aust Gov't banning internet for Australians (who would bet on two flys crawling up a wall). Meanwhile State Gov'ts are heavily dependant on gambling taxes and revenues through lotteries and in particular slots (or pokies as we call them) which can be found in every club and most pubs.
An attempted increase in the Poker Machine Taxes by the NSW govt led to a huge outcry by the licenced clubs and the legislated massive increase in the number of machines and licences allowed in local pubs is turning pubs into mini casino's and effecting the live entertainment and music market. Revenue is also obtained from gambling by the heavy licences fees to operate which are determined in part by the number of machines allowed.
And yet no internet gambling allowed- it might encourage us to gamble! (melbourne cup anyone!) Not only hypocrisy but ery bad economics!
regards
Colly
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