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The Suite Blog >> Barney Frank Gambling Bill Irks Greedy Casinos

 

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May 8, 2009 - There is probably nothing more the movers and the shakers of the online casino gambling industry want more than for the U.S. facing component to be as legal as the light of day. Okay, what does that even mean? Legal as the light of day? Is it "white of day"? I don't know - Sometimes I just have to stop and ask myself - Are you okay Sweetie.

Anyhow, I suppose I'm trying to say that I think we all want the U.S. government to regulate and remove this gray cloud called the Wire Act, and the even grayer cloud called the Unlawful Internet Gambling Enforcement Act.

This new bill being introduced by Congressman Barney Frank is supposed to do all that. But now that the details of the bill are known, many an online betting site operator is whining because of the potential tax structure. Apparently, if Barney Frank's bill gets passed, online betting operators who take wagers from U.S. citizens are going to get the crap taxed out of them.

And here is where I feel the need to speak my mind. You guys complain!? Complain about potential taxes?! Are you kidding me?! Look, if you want to do business in the U.S. market (and need I say that's more business than anywhere else in the world), it's not a crazy concept that you will rightfully have to pay to get the business. I mean, we've been waiting years for the U.S. to regulate. And when a glimmer of light shows it might finally happen, the greedy bastards out there start complaining about paying taxes.

Your a casino. You are guaranteed to win money. Lots and lots of it! You should indeed get the crap taxed out of you. Even though Frank's bill calls for a 2% tax on all revenue brought in by the casino, you and I very well know that isn't hardly going to make a dent in the overall profits and online casino makes. Yet, the sleezebag operators out there try to use this as an excuse to lower the return on slots! Since the government's taxing us so much, they will say, we have to lower the return on slots.

And you know what? I hope they do. Just like in the UK when Prime Minister Brown announced much higher taxes than anticipated, resulting in a number of online casino operators renigging their licenses, Barney Frank's legislation will serve to weed out the casinos who simply wouldn't be able to cut it with their low cash reserves. Players won't stand for lower return because there will be casinos out there willing to suck it up. Only the best, well funded casinos will be able to do business. And that's how it should be.

Originally published: May, 2009 | Categories: Gambling

 

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