A market analysis firm, H2 Gambling Capital released its findings on the significance of what legalization and regulation of Internet gambling could do for the U.S economy. Within 5 years, the much needed boost is estimated to generate $94 billion worth of new economic activity, including a staggering $57.5 billion in tax revenues. Legalization, over the span of 5 years, would also lead to creating approximately 32,000 new jobs .
Announcing the availability of this research, H2 Director Simon Holliday stated “This study should provide further incentive for the Obama Administration and Congress to act quickly to regulate Internet gambling,”.
Holliday also added that keeping online gambling websites in the USA illegal is costing billions of dollars for the US. Currently, U.S gamblers are betting $105 billion a year at offshore online betting websites.
Because of the Unlawful Internet Gambling Enforcement Act law, players gamble on sites that are hosted offshore, which are not always regulated well by authorities. Legalization would mean there is regulation that would prevent any problems for players that they would normally encounter in an offshore site.
Some of the world’s largest online casinos are preparing for the potential legalization. By positioning themselves now, they can take advantage of gaining more players, and offering even more prizes.