$200 million, the tax revenue that could be generated in Florida by legalizing Online Poker
Gambling in the United States online is not legal in all states and as a result many individuals try to circumvent the rules so that they too, like individuals from other countries, can enjoy gambling online. Florida is the first state that has seriously been considering legalizing online poker for its residents because of the potential money that can be raised by the state as a result. Many states should follow suit if this happens because budget deficits are facing many states and coming up with the revenue is not at all easy.
Details on Florida's Bill
Joseph Abruzzo has introduced the bill as the republican representative from the state. This law is officially titled as the Internet Poker Consumer Protection and Revenue Generation Act of 2010. It would effectively legalize online poker in the state of Florida and would be the first to do so.
How Would the Bill Work
The bill does have some details on how it would work and bring in some money, approximately $200 million during its first year of implementation. In order for the gambling to begin for the state each company would have to be licensed by the state. This licensing fee would be half a million dollars, $500,000. Then the profit that the gambling companies are making would be taxed at a rate of 20% of their profits. The bill itself is 42 pages long though and also has some information in regards to individuals who experience an addiction to gambling and problems that sometimes surface with laundering money.
What does this mean for gambling sites?
Obviously not all gambling would be allowed with just any website. There are rules and regulations instituted that would have to be followed to ensure the smooth and legal operation of these websites. Each of the sites that would be operating would have to be approved by the state itself before operations could be started. Each site would have to be licensed in the state along with one other state and the actual operation would have to be hosted off of the United States soil.
The legal gambling age is 21 and verification would have to be used to ensure that no one underage would be gambling. The same strict standards also have to be applied to protect the sites from money laundering operations that often occur in the gambling world.
What about Addiction?
This bill has been established completely with no corners cut. In order to curb problems that many people have with gambling limits need to be established to make certain that an individual can only deposit a certain amount of money each day. The amount of money that is lost each and every day also needs to be limited so that someone doesn't lose everything over and over again.
If the lawmakers who have this bill on their desks and in their hands decide to pass it, there is a lot of potential for money to begin flowing into Florida. Perhaps this will also encourage other states to follow suit.