Will Obama go All-in with Online Gambling?

On January 20^th, America will wake up to a new reality. A reality in which the chosen president, Barak Obama, who represents the "New America", has to lead a great nation to what it was ten years ago - a strong, stable and leading nation.

The first and most major issue that will stand on the line is the rehabilitation of the US economy. While the large industries, car industry in major, are fading, the new president has many opportunities in new areas, which could lead to renewed market growth. The online gambling industry is one of those industries that could help out by bringing in a lot of money, and quickly. And now for the questions:

Will Obama keep his predecessor's timid and hesitant policy? Will the new president bring in a new channel into quickly improving the US economy? And mostly, will Obama go all in and pass the laws that permit online gambling?

Background

The online industry began back in 1997 with the impressing evolution of online sites and the major improvement in data speed transformation. The industry gained some speed and drew in a large crowd, and since 2001 the annual turnover has had a 200% annually increase. In 2006, online gambling in poker, bingo, slots, sports and others totaled an income of 3.5 billion dollars.

Instead of making the online gambling industry legitimate by licensing, regulating online gambling, and creating strict conditions on player acceptance, the US banned online gambling in its territory and its citizens by the votes of the House and the Senate in late 2006.

The reasons for banning online gambling in the US

The House and the Senate's decision to ban US online gambling came from a number of reasons, like: money laundering issues, facilitations of state and federal tax collections, age verification issues, and issues relating to compulsive gambling.

With that in mind, the major and most decisive reason for the ban was the money laundering issue.

The advantages in allowing online gambling

The advantages in removing the ban on online gambling industry in the US are many:

1. Profit increase to the US economy from license and profit related taxes in online gambling
2. Increasing the work opportunities for US civilians
3. Decreasing the illegal (local) gambling and creating a controlled environment
4. A change in the US image from the timid and conservative to the new and revised

How can this get done the right way?

The ban on US online gambling came from the right reasons, vital and economic while creating risks, but if there were bans in all risk related industries we would have to ban its development and existence, and then we'd have to ask if we could sustain a normal life with good economy. Of course, the answer is no. Car production causes accidents, alcohol beverage production may cause drunkenness, violence and addiction, and even medication development can cause major side effects.

The conclusion is clear: in order to enjoy the many advantages that exist in the online gambling industry in the US, actions must be taken in order to minimize and prevent the risks.

The main reason for banning online US gambling is money laundering. Money laundering as stated by Wikipedia, "is the practice of engaging in financial transactions in order to conceal the identity, source, and/or destination of money, and is a main operation of the underground economy".

Well the risks are quite the same when one buys products online.

So how can one minimize and even prevent the risk?

It's simple - the same way it gets done in the online world that is not gambling. Some major ground rules must be laid in order to minimize the issue:  

1. Any company that wishes to operate legal online gambling will have to pay an initial license fee. In order to get the license, the company must commit to obey the laws made by the US government. There will be full transparency of all major factors that are involved with the company in order to prevent a situation where criminal factors will be involved in the action.
2. US citizens will be allowed to gamble only at online sites that were permitted by the government. These sites will have to enforce blocking access to minors, and to any requirements that the assistance to compulsive players organization lays down. This method is already running in the UK, and requires strict publicity laws (where publishing is allowed, what can be "sold" an what can't - for instance, it can't announced that the more one plays, the higher his odds are for winning, an option to set a limit by the player, self exclusion, etc.)
3. Every online gambling site will be required in explanation to its visitors involving gambling addiction and introducing assisting institutions to the excessive gamblers like gamcare.com.
4. The US government will lay a winning tax for all players winning at online gambling.

Summary

These days, instead of making a large profit off of taxes and license fees, the US government is wasting a lot of resources in order to prevent its citizens from enjoying online gambling. Two years after the initial ban that the US started on online gambling, millions of US citizens are still playing each day for fun at casino, poker, bingo, sports, and other online sites.

If you can't beat 'em, tax 'em!

The online gambling industry is a fantastic route for the improvement in the US economy, and a great way for the new president, Barak Obama to turn the US to a more successful nation, open to innovation and less conservative. Removing the ban on online gambling In the US and taking right actions in following the players may lead to an increase in US income and minimize the risks engraves in online gambling.

Obama - Yes you can !!

Yours,

Amir Slotstop

www.slotstop.com/

Slotstop is the leading source for information and reviews in online casinos and online slots in particular. The site developers invite you to read other articles and reviews in the field.