Legal online gambling may be on the way. Last week, a key committee in Congress moved legislation that would overturn a 2006 ban on internet gambling. The legislation would direct the Treasury Department to license and regulate online gambling, and the IRS to collect taxes.
Why the change of heart? Money. Congress is desperate for more money to fund its spending spree, and supporters of the bill suggest it could generate $4 billion a year. For now, the bill apparently excludes betting on sporting events, but as Congress’ insatiable appetite for tax revenues increases, you can bet that’ll be on the way. I’m guessing that billions already are exchanged illegally on the NFL and College Basketball. They might as well legalize and tax it.
I’d be fun to be able to place some (small) bets on the Majors. Just enough to make it interesting … but not enough to deny the kids the next trip to McDonald’s.
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