Poker Superstars
Phil Hellmuth
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PWC Study Estimates $10 Billion+ in Tax Revenues |
 We all know what a goldmine there is lurking in the online gaming market, particularly for the those who count the tax dollars. Each day that they're fighting the legality of online "gambling," our government is brushing off millions in cash that could be put towards alleviating not only our national debt, but everything else that seems to be leaking money these days. Now Price Waterhouse has put a number on the cause.
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In a study released early this year by Price Waterhouse Coopers (PWC), it has been estimated that the potential earnings from taxable monies from online gambling could range anywhere from $8.7 billion all the way up to $17.6 billion dollars over the next ten years. This stat includes possible earnings from online poker, but not from sports book betting, which would swell the pie that much larger.
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PWC stat comes from information compiled from Global Betting and Gambling Consultants, who run numbers from all of the major gambling websites. They then subtracted the above mentioned sports book numbers, as it is estimated that all of the major sports leagues in the U.S. would refuse to have their action listed in such a manner.
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$17.6 billion isn't bad right? But that's really only the beginning of the idea. PWC's estimate of that number is only inclusive of states that already allow land-based gambling, which is obviously a minority. The majority of these funds would come from the application of individual income taxes, though there would also be a revenue gained from wagering tax (22 percent) licensing (18 percent) and corporate income tax (four percent).
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The study further states that if all U.S. states were to allow online gambling, the tax revenue over the next 10 years would be about $33.9 billion.
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Seems like a no brainer. Of course, we're dealing with a lot of no brainers here, as usual. Sorry, I had to throw that in there.
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February 10, 2008 |
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