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Friday, March 17, 2006

Congress Bets On Closing Casinos

A House Committee wants offshore online gambling businesses to fold, which could send shockwaves around the advertising world.

The law would prohibit companies from accepting credit card payments, checks or wire transfers from people who live where gambling is illegal.

Online gambling is a $12 billion a year business including millions in advertising. In all likelihood this legislation won't pass, but it could push the government to regulate (and therefore receive substantial tax revenue) the industry instead of allowing companies outside the U.S. to make off with all the cash.

Whether you agree with it or not, online gambling isn't going away, but legalizing it would move a substantial portion of that money within our borders.

By Jason Dowdell at 11:41 AM | Comments (0)

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