Apr 2nd 2008
The Internet Gambling Regulation and Tax Enforcement Act of 2008 introduced by Congressman Jim McDermott ensures that taxes are collected on legalized internet gambling businesses.

After recent tax revenue analysis the sum of money that will come from legalized internet gambling activities will range between $8.7 billion and $42.8 billion over ten years

The legislation toughens requirements in an earlier version of the bill set up last year, and includes an improved coverage mechanism under which licensed internet gambling operators are required to supply each client an annual statement of winnings and losses. It also launches a 2% licensing fee that is paid by the internet gambling operator, not the individual player.

The licensing fee is intended to level the costs of operation in offering gambling services online, as opposed to land based casinos offering gambling services in-person, and would only be relevant to internet gambling operators.

According to the legislation, each internet gambling operator would be licensed by the Financial Crimes Enforcement Network (FinCEN) and be imposed to guarantee that the individual placing the bet or wager is physically located in a jurisdiction that permits a particular form of Internet gambling.

The legislation would also strengthen the rights of States to have power over what, if any, level of Internet gambling is allowed within their borders, together with the capacity to apply supplementary taxes, and to make sure that correct consumer protections and limitations were in place.
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