Positive Economic Growth with Online Casinos

Published on: April 25, 2010 

The European Union is still battling with numerous countries around the world including the United States regarding their online casino restrictions.  While these countries have good reasons for banning online casinos it is not really helping their cause.  The EU is still trying to penalise any country that has yet to open their doors that is a member of the union.  Furthermore, unregulated online casinos are a huge problem when it comes to fraud and misuse.

It comes as no surprise that more news has been released recently about changing online casino industry regulations.  KPMG is an accounting and advisory group around the world.  They are even now asking for countries to back off of their tight regulations and regulate the industry a little better.

They stated that an increase in taxes with online casinos would bring in more revenue.  A report from the Australian government stated that their industry will grow by 42 percent in the next two years.  That would be $30 billion in revenue growth wise.  The United Kingdom is perhaps the best example of how potential tax increases can help stimulate the economy.

In 2009 a lot of conversation was spent on the moving of online casinos to avoid the increase in tax, yet before these online casinos made those moves the UK was able to make a good bit in tax revenue.  They are still making tax revenue because anyone who wishes to offer their online casino in the UK has to have a licence and be taxed.  It is true the taxes are less outside of the country, but the UK has a stake in that too.

For those who have huge land based casinos it is already clear how taxes can help stimulate the economy.  This means that if the online casinos can break into other countries the world economy could improve.  It would certainly help those countries.  China and Korea are also two good examples of how this could work.  China has a huge land based casino industry yet they have bans on online gambling.  Korea also has this ban.  Yet both countries are rife with underground online casinos, many of which are scams.  By regulating it these countries could feed off of the growing industry helping stir their economy, as well as generate more jobs for their population.  It might be best for the UK example to be followed when it comes to taxing online casinos for economic benefit.

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