July 17th, 2008
excerpt:
At a time when most economic news is bleak, maybe we can take a tip from England, and the British Open bets that will be placed this week with that nation’s legal bookmakers. There, winnings are easily taxed.
Here? More and more sports wagering is conducted online, through offshore websites.
“We gamble billions of dollars in this country, and the Internal Revenue Service doesn’t get a dime,” Lee Trevino tells ESPN.com’s Bob Harig in a story from the Open at Southport. “Instead, they spend millions of dollars trying to catch these people.”
Rep. Jim A. McDermott, D-Wash., is trying to change that, in legislation introduced this week that would legalize, regulate and tax online gambling. Based on research by Price Waterhouse, McDermott believes as much as $40 billion could be generated over the next 10 years.
Click here to read more and see the poll:
Is it time to legalize online gambling? - Game on - USATODAY.com
Author Contact Info: Reid Cherner and Tom Weir
