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Offshore Betting Operation Calls On US To Legalize Industry

by Glen Shapiro, LawAndTax-News.com, New York

21 September 2004


Speaking during a four city US tour which aims to stimulate debate and dialogue regarding online gambling in the United States, chief executive of BetonSports, David Carruthers called last week for the legalization of the industry for US consumers.

Currently, the practice of internet gambling is illegal in the US under the Wire Act, and the government has employed all sorts of tactics in order to stem the increasing interest in online betting, including pressuring credit card companies not to honor payments to such websites, and urging broadcasters and publishers not to run adverts for internet gambling firms.

However, speaking to reporters in Washington last Wednesday, Mr Carruthers explained that despite the ban, the majority of BetonSports' customers are American, and observed that:

"We'd love to create jobs and pay taxes in the United States. The government is losing an opportunity to generate enormous revenue. There's more than $100 billion bet on the streets of the United States every year."

The head of the Costa Rica-based online betting company went on to add that:

"The internet offers tremendous opportunity for regulation. The more information you have, the better job you can do."

He concluded:

"As an emerging form of entertainment, online gambling is growing exponentially and is here to stay in the US. Efforts in Congress to develop legislation have stalled and are otherwise polarizing people. The Department of Justice's approach is also counterproductive."

A comprehensive report on the offshore gaming sector, including details of the regulatory regime in a number of top jurisdictions, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop 

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