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May 16 - Mainstream media source Business Weekly reports that British lawmakers are set to pass legislation as early as 2007 that will legalize online gambling. This means that operators of online casinos and online poker rooms can then be based in the United Kingdom. Online gambling companies would no longer have to operate from offshore locations like the Dutch Antilles or from Canadian-Indian reservations.
The Business Week article, which you can currently read onlie at MSN Money, seems amazed at the size of the online gambling industry and rightly predicts that when Britain takes the landmark step to become the first developed country in the world to offer regulation of online casinos, online bingo, and online poker they will in essence hit the tax revenue jackpot.
The Brits were the first to legalize online sports betting and traditional land-based bookmakers like William Hill and Ladbrokes offer online betting facilities. The tax from online betting alone since 2004? A whopping $2.4 billion in the Chancellor of the Exchequer's coffers.
The biggest online gambling companies in the world, familiar names like Sporting Bet (online sports betting), Party Gaming (online poker), and 888 (online casinos) are all listed on London Stock Exhanges, and while they will probably remain offshore for the tax advantages new online gambling companies that want to demonstrate their reliability and enhance player confidence and trust will surely consider locating in Britian.
The only country that is really missing out as a result is the USA, which provides the vast majority of online gamblers but enjoys none of the tax revenue because of their Draconian and backward stance when it comes to online gambling. Britian certainly understands that there is a big gap in the market and they're ready to take full financial advantage.
All we can say is good luck to them! The Poms might have surrendered power on every other level since the fall of their Empire, but now there is one area where once again Brittania can rule supreme.
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