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Study: Online Gambling Revenues to Double28 July 2003ARIZONA – As reported by the Arizona Republic: “With the click of a mouse, you can bet on a sports game, spin virtual slot machine reels or take a hit in blackjack. It's easier than driving to the nearest casino. “…In their report `Wagering on the Internet,’ the River City Group of St. Charles, Mo., and Christiansen Capital Advisors LLC of New Gloucester, Maine, project that e-gambling revenues could more than double to $12.6 billion in three years. “Much of that money flows out of the United States, the world's biggest source of e-gamblers, according to the report, but where Internet gambling is illegal. Funds flow to offshore Web site operators in countries around the globe that have legalized Internet gambling, some in obscure island countries with weak regulation, others in the United Kingdom and Australia with strong e-gambling rules. “Internet gambling proponents want to legalize, regulate and tax the industry in the United States, as states do with land-based casinos from coast to coast. “…Proposed federal legislation would ban U.S. financial institutions from processing Internet gambling transactions, but industry proponents balk. “…Anthony Cabot, a Las Vegas lawyer specializing in Internet gambling law, said if U.S. financial transactions were to be blocked, people would find a way to fill the void…” |