By Kevin Felix | February 1, 2008

Congressman Jim McDermott (D-WA) delivered a letter to his colleagues in Congress this week, urging them to support the legalization and regulation of internet gambling.The key part of his letter were potential tax revenue figures provided by PricewaterhouseCoopers, illustrating the tangible impact legislation could have.

PricewaterhouseCoopers analyzed Rep. McDermott’s Internet Gambling Regulation and Tax Enforcement Act (H.R. 2607), which would tax regulated Internet gambling, as well as Rep. Barney Frank’s Internet Gambling Regulation and Enforcement Act (H.R. 2046).The firm determined that internet gambling could spawn anywhere from $8.7 billion and $42.8 billion for the federal government within the first ten years of regulation.

"These are revenues that are desperately needed, given that we are at war and face difficulty financing the nation's priorities," said Rep. McDermott in his letter.

Rep. McDermott is obviously dissatisfied with the current laws surrounding internet gambling, including the UIGEA, which attempts to stop the flow of funds to online gambling firms.

"Instead of this ineffective attempt to prevent adults from gambling over the Internet, we need a more sensible approach to protect consumers and ensure that revenues that now flow offshore stay here in the U.S. and are therefore subject to taxation," he said. "A new, safer, more sensible approach is needed to regulate Internet gambling and protect consumers."

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