by Jerry "Jet" Whittaker

Dec 12, 2006

Economy internet gambling

Internet gambling is not legal. It is easily accessible and one can gamble as soon as he deposits some balance in credit card account. It is very dangerous to gambler as well as economy because it can be player for twenty four hours and all the days of the week. The most serious concern of internet gambling is its bad consequences to the society and the young generation. Internet gambling badly affects the tax collection in the society because it affects the business that is legal and pays taxes regularly.

Number of gamblers has increased in U.S. during last five years. Most of the internet gambling sites operates from outside U.S. and it makes the U.S. money leaves the economy. Government miss out the tax from this popular phenomenon, government wants to keep the money within the domestic economy to make it more progressive. United states have developed many gambling options and internet gambling is like an addiction to the gamblers. It provides many new options for the individuals to gamble. Young people waste their time in internet gambling instead of learning so as to earn in future. Most serious consequences of internet gambling are that it attracts young people, who are future of the economy. Internet gambling should strictly be prohibited in U.S. as it hampers the business from traditional form of gambling. Government gets deprived from the revenues and taxes that it used to earn from the traditional form gambling. People lost their jobs from traditional gambling as internet gambling is becoming more and more popular. It also makes crime very easy. There is also possibility that the programmer makes the program in favor of the gambling company which makes monetary harm to the individual playing game. Internet gambling is seriously damaging the U.S. economy. There is no full proof way to regulate the internet gambling whether it is located within the country or off- shore. This cause the industry to grow at a faster pace. It is profitable and lucrative business so it attracts many people to start this business.

There are some ways to regulate the internet gambling such as on line gamblers have to pay for availing the gambling services. Ban the payment of credit card and other electronic method of payment for off-shore internet gambling services. Legislation to control internet gambling is wire communication act of 1961. Internet gambling hurts the growth of the economy both socially and economically. 

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