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
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.
2009 | Categories: