November 22, 2007
In America, a Congressman has testified that regulating and taxing online gambling could generate up to $42 billion for Federal coffers over the next decade.
The data, based on a detailed tax revenue analysis conducted by an independent accounting firm, was provided in testimony submitted to the House Committee on the Judiciary recently by Representative Jim McDermott. The Washington Democrat also detailed policy refinements to his legislative proposal, the Internet Gambling Regulation and Tax Enforcement Act (IGREA).
‘Even under the most conservative estimates, licensing and regulating Internet gambling and collecting the taxes will provide much-needed revenue to the US Treasury,’ said McDermott.
McDermott stated that $3.1 to $15.2 billion in revenues could be generated by taxing online gambling over the first five years followed by $8.7 to $42.8 billion over the first decade.
‘This is money we are currently losing to other jurisdictions because some of my colleagues’ think we can actually stop people from gambling online,” said McDermott.
The Congressman stated that IGREA had been refined to provide better protections against tax cheats to increase Federal revenues from permissible online gambling activity. In addition, a proposed fee in the legislation would see licensed online gambling operators pay two percent of player deposits to the Government.
‘Most of the revenues generated would come from taxes required under existing law that we currently lose because of a misguided belief that we can actually stop Internet gambling,’ said McDermott.
November 22, 2007
Rumours that online gaming will be enabled on long haul flights have been circuited for over a year, and now one of the UK’s top national tabloids, the Sunday Mirror, has reported that 888 may be offering in-flight gambling as early as 2008.
Ryanair is the suggested airline company that will pioneer the project. It is predicted that they will provide access to the internet, so that passengers can log on exclusively to 888 website and deposit using credit card before playing any of their online games including casino, poker and backgammon.
It is reported that British Airways, Singapore Airlines and Cathay Pacific have also signed up to the scheme. It is expected that others will soon follow. GamCare, the UK based responsible gaming charity has shown concern, calling for caps on the amount of time that people can access the site and play.
November 22, 2007
European trade chief Peter Mandelson has called on the US to allow European companies renewed access to its multibillion-dollar online gambling industry.
Mandelson pushed for an end to the exclusion of European companies and other trading partners from the US online gambling market, arguing that it is a better and fairer solution than compensation.
European online gambling companies saw billions of euros wiped of their market values last year following Washington’s decision to close off its market.
“The US has so far opted for compensation to make right what is wrong. I do not think that compensation does that job,” Mandelson told the European Parliament.
“What we really need is for the legislation to be put right and for foreign operators to stop being excluded and discriminated against in this way.”
November 22, 2007
Wednesday, November 21, 2007
HARRISBURG — An Indianapolis company that recently received Pennsylvania’s last harness racing license has now applied for the state’s last racetrack casino license.
Centaur Inc. was the only applicant to seek the racetrack casino license from the Pennsylvania Gaming Control Board by Monday’s deadline, said board spokesman Richard McGarvey. To seek a slot machine license, an applicant had to first receive a harness racing license from the state Harness Racing Commission.
Centaur has proposed building a $428 million racetrack casino along Route 422, west of New Castle and near the Ohio line. It is now trying to line up financing for the project it is calling Valley View Downs.
Now the gaming board will begin a process, which could take up to a year, to investigate the backgrounds of Centaur officials, who run a racetrack in Indianapolis and a casino in Colorado.
“We look forward to continuing this process and bringing a world-class harness racing and entertainment venue to Western Pennsylvania,” said Centaur spokesman Rick Kelly.
He said construction of the racetrack and casino would take about 12 months after Centaur gets its gaming license. The track will be one-mile in length, the first of that size in the state — most harness tracks are 5/8 mile in length. Centaur estimates the project will create 1,000 full- and part-time jobs at the track, casino, restaurants and shops as well as 1,500 construction jobs.
Centaur waged a four-year battle against Bedford Downs, a Lawrence County-based group, for the last harness license. It is especially valuable because it likely will lead to a slots license for Centaur, which estimates annual attendance at the racetrack casino of more than 4 million people.
The gaming board will hold a hearing on Centaur’s slots license bid in Lawrence County, where the new venue would be located, Mr. McGarvey said. He didn’t have a timetable for the hearing, but said it likely will be in the spring.
Then the board will hold “suitability” hearings in Harrisburg, aimed at making sure there is nothing in the backgrounds of Centaur officials that would make them ineligible to get a slots license and they have the financial wherewithal to complete the project.
So far, licenses have been issued to six racetrack casinos and five of them have opened: The Meadows Racetrack & Casino in Washington County; Presque Isle Downs & Casino in Erie; Mohegan Sun at Pocono Downs near Wilkes-Barre; Harrah’s Chester Casino & Racetrack, south of Philadelphia; and Philadelphia Park Casino and Racetrack in Bucks County. One more will open in February, Hollywood Casino at Penn National Race Course near Harrisburg.
November 03, 2007
Gambling Of all sorts is available online in the UK. Sports gambling makes up a significant portion of the gambling that goes on in the UK and it comes in many forms. You can gamble on any of the various aspects of the game and its players. It takes a little practice, but after doing some light reading and getting a fairly decent understanding of how odds are determined, you can begin making bets on your favorite sport.
Betting on Sports Teams
Betting on sports teams involves a great number of variables and can be a difficult way to win money. Things considered in determining odds on sports teams include how the team has played against its opponent in the past, the playing field, internal team conflict and individual team members’ personal issues and injuries.
In gambling on UK sports teams, the point spread can be incredibly broad so it can be harder to make a truly substantial win. That is not to say that it is impossible, you can simply bet on which team will win. Betting large can win large, but betting the correct spread can make your win exponential.
Individuals and online gambling
Signing up with an online gambling club is usually as easy as filling out a form. This will likely include personal and banking information. If the club requires some fee it is usually stated up front, but some clubs like to entice you with membership benefits before hitting you with the cost of becoming a member.