A House committee yesterday approved legislation that would legalize some Internet gambling, allowing U.S. residents to place online wagers with companies the Treasury Department has licensed.
When U.S. Representative Jim McDermott went looking for revenue to improve foster care for kids, he said he stumbled on what may turn out to be a jackpot: a tax on Internet gambling.
New Jersey’s revenue from Internet gambling may fall $148 million short of Governor Chris Christie’s budgeted estimates this fiscal year, according to the legislature’s chief fiscal analyst.
Bradley Franzen, accused of helping to disguise Internet gambling payments, pleaded guilty to three counts, including taking part in conspiracies to commit bank fraud and money-laundering.
A Canadian man charged with conspiracy and bank fraud for allegedly laundering $350 million for foreign Internet gambling companies pleaded guilty to a single count of processing offshore bets of U.S. citizens.
Two House lawmakers pushing for legislation to legalize and tax online gambling in the U.S. said their measures would offer consumer protection and generate billions in tax revenue.
New Jersey’s four-month-old Internet gambling industry generated $10.3 million in revenue in February, an 8.9 percent increase from January.
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