McDermott Says Internet Gambling Regulation Could Raise $41 Billion

"I suspect that many of my colleagues, especially those on the fence, will take more interest in this issue once they see $41 billion available that they can match up with any number of worthy programs," Rep. McDermott said. "I would suspect it's only a matter of time before Congress appropriately moves to regulate the industry in order to protect consumers and reverse the flow of billions of dollars currently lost offshore as Americans gamble billions online despite attempts to prohibit the activity."

The Internet Gambling Regulation and Tax Enforcement Act of 2009 (H.R. 2268), introduced by Rep. McDermott in May 2009, would ensure the collection of tax revenue from Internet gambling activity in the U.S. The legislation is a companion to Rep. Frank's Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267), which establishes a framework for licensed operators to accept wagers and requires them to put in place various safeguards to protect consumers.

"Given the many critical government programs currently going under-funded or not funded at all, Internet gambling regulation should be given fair and immediate consideration, "added McDermott. "Prohibition in various guises has failed before and is failing once again. There is a better way."