New Pessimistic View of Internet Gambling Future Revealed

First there was the optimistic view that saw the Democrats taking over the House and Senate as a positive thing for the Internet gaming community. Now comes the pessimistic view, the one that sees very little to no hope for the $6 billion US industry.

Russ Fox is a tax practitioner, financial consultant, principal of Clayton Services, and chief financial officer of many privately-held businesses, and he has also written two books on poker. He is an expert in the field of law and he recently wrote a blog post answering a few of the many questions that litter the minds of those interested in the online gambling community.

Mr. Fox dispels many myths in his blog post, such as the democrats taking power equalling good news for the Internet gaming industry. He explains that the law is passed and there is no un-passing it. He explains how many of the democrats now in office are actually against online gambling. He explains how there may be many more important things for the government to do then to prosecute Internet gambling law breakers, however he explains that it only takes one prosecutor to start a huge case that could destroy the industry.

He also further explains the stance that Neteller has taken, which is that Neteller will obey the regulations of the US law as soon as the regulations are put into place.

The one optimistic view Russ does see is that the regulations may take much longer than the 9 months issued for the regulations to be enforced. Having worked in the tax field he has seen many similar laws for taxes be issued, which were taken years past the enforcement date before actually being enforced.

2006-11-15