Supporters of a bill to legalize Internet gambling in the United States laid out their case in front of a congressional panel Wednesday, according to a report by Reuters.
Proponents of the proposed legislation, which is being sponsored by Representative Barney Frank, could generate $42 billion in revenue in the next decade.
A Democrat from Massachusetts, Frank told the House and Ways Committee that the bill would simply give adults the choice of how to spend their own money.
The proposed legislation will come in two forms: One is to legalize online gambling and the other would impose a 0.25 percent tax on all winnings for federally regulated wagers.
The matter has become a hot-button topic, particularly with next month's implementation of a law that will make it illegal for American banks to accept payments for online wagering.
This is the second time Frank has introduced such legislation, but the current bill is given a better chance to succeed as politicians seek revenue streams to counter a budget deficit estimated at $1.4 trillion.
A spokesperson for Harrah's Entertainment, a Las Vegas casino and one of the staunchest backers of legalizing Internet gambling, has said the bill could generate up to $6 billion annually.
The legislation, which will allow individual states to opt out if the law passes, is expected to be met with strong resistance by Republicans.
Proponents of the proposed legislation, which is being sponsored by Representative Barney Frank, could generate $42 billion in revenue in the next decade.
A Democrat from Massachusetts, Frank told the House and Ways Committee that the bill would simply give adults the choice of how to spend their own money.
The proposed legislation will come in two forms: One is to legalize online gambling and the other would impose a 0.25 percent tax on all winnings for federally regulated wagers.
The matter has become a hot-button topic, particularly with next month's implementation of a law that will make it illegal for American banks to accept payments for online wagering.
This is the second time Frank has introduced such legislation, but the current bill is given a better chance to succeed as politicians seek revenue streams to counter a budget deficit estimated at $1.4 trillion.
A spokesperson for Harrah's Entertainment, a Las Vegas casino and one of the staunchest backers of legalizing Internet gambling, has said the bill could generate up to $6 billion annually.
The legislation, which will allow individual states to opt out if the law passes, is expected to be met with strong resistance by Republicans.