Will Internet Sports Gambling Save The Economy?

Remember, if you will, the halcyon days of 2005. The market was fine, houses were worth more than 17 cents, and gambling online was still easily possible, if still shady. In 2006, the government slapped gambling websites with a cold, dead trout across the face, unleashing the UIGEA (or Unlawful Internet Gaming Enforcement Act) that made all aspects of gambling online, including the payment systems, illegal. Shortly thereafter, the economy went into the crapper. We think this is no mere coincidence.

Barney Frank
(Internet gamblers’ new hero in Washington?)

But now as Congress tries to figure out how the hell to fix the economy (why we’re leaving that task to a few hundred professional campaigners, who the hell knows), one idea seems to have gained traction: legalizing online gambling and taxing the bejesus out of it. THE SPORTS BIZ BLOG mentions some boilerplate nonsense from Rep. Barney Frank, the Chairman of the Financial Services Committee (remember him?) about impinging on freedoms or whatever, then gets down to the real reason behind the move: UNHOLY AMOUNTS OF TAX MONEY. Read more…