Over the course of the past few years, politicians have been fighting for the right to legalize online gambling, viewing it as a way to solve their financial problems. A recent report by Fox Business states that while online gambling would present a great boost to tax revenue, it would not completely solve the problem.
“It is unlikely that online gambling will lead to significant increases in jobs” says economics professor Doug Walker. “But generally, more economic activity is better than less.”
In 2011, commercial casinos in over 20 states contributed nearly $8 billion in government revenue. The introduction of regulated online gambling would multiply that number, bringing in tens of billions of dollars for the local government. While this is certainly not enough to solve the country’s financial crisis, it will definitely help.
Online gambling is currently worth billions of dollars every day. Should only poker be legalized, it could generate upwards of $5 billion, 20% of which would be donated to state coffers. An extra billion dollars a year per state could benefit public programs and help pay off debt, so online gaming should not be ruled out as a solution to America’s financial woes.