Obama Administration Legalizes Online Gambling in U.S.
The Worlds Top RSS News Feeds were Buzzing with everything from local politicians heralding the decision to legalize Intrastate gambling as the next best thing to sliced bread while others were condemning it as the next sign of the demise of the American Morals. We didn’t see a peep out of the likes of Pete Rose, because Sports related gambling, was and will remain illegal.
Why Legalize Online Gambling Now
After the Department of Justice announced its new interpretation of the Wire Act of 1961, which was prompted by the request for clarification by the states of New York and Illinois, it seems the original intent of the Wire Act of 1961 was merely to prevent the illegal wagering on Sports, not “Non-Sports” within or across state boarders. Outlawed since 2006, with some pretty hefty charges against three major online gambling operators, it’s quite ironic that the early-voting presidential primary states of Iowa and New Hampshire now hope to expand state lotteries to include games.
“The ordinary meaning of the phrase ‘sporting event or contest’ does not encompass lotteries,” wrote Assistant Attorney General Virginia Seitz. “Accordingly, we conclude that the proposed lotteries are not within the prohibitions of the Wire Act.” What ? Did he just say “I have voted for Barack before, and i shall do so again”.
New Gambling Laws To Enact Addiction and Child Prevention?
The new laws may prompt Congress to enact laws aimed at helping to curb addiction and to prevent children from becoming involved in online gambling. On the other hand, the new laws are even allowing “casual” gamblers more options and opportunities to play their self into a “manageable crisis”, whatever that means remains to be seen. Seems likely we’ll see the impact and ramifications for the states to fund the eminent litigation for the challenges of “Non-insurable” costs incurred in the advent a person now becomes addicted.
$36 Billion Buys Change, Chump Change.
With global online gambling now worth an estimated $30 billion, and online poker worth a potential $6 billion annually in the US, what happened to the online trading industry, was this gambling just the low hanging fruit nearing electoral round-up time, or simply the least path of resistance to gain State Revenue?
The Online Trading Industry recently won the affection of “The New York State Department of Taxation and Finance” and in their recent “advisory opinion” it clearly suggests there are much deeper pockets to be fleeced than this $36 Billion dollar online gambling industry. If you have not read about the online trading revenue generated from the likes of TD Ameritrade, E-Trade or Charles Schwab, Schwab is the largest independent U.S. brokerage by client assets. Way back in 1997, Charles Schwab registered it’s one millionth online trading account and reached total advised client assets of $437 billion, while ranked as the top online broker in the U.S.. Schwab Today; Today, the company serves 8.2 million client brokerage accounts, with $1.65 trillion in assets (as of September 2011), from over 300 offices in the U.S
Here is a little early warning from The New York State Department of Taxation and Finance; Taxpayers should take note of the Department’s revised characterization of electronic trading activities and be aware of the Department’s propensity to apply a market approach to receipts from activities that may arguably constitute service receipts”. In a nut shell, New York may be grabbing at the ring while on this carousel, but it certainly has its eye on much bigger fish.
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