Offshore Wagering Companies Could Reduce National Deficit. The US Congress loves to vilify online wagering companies and paint them as enemies of the people and sources of great social turmoil. And while no industry is perfect there is little, if any effort, to see out the positive qualities of the offshore wagering industry.
This not only a misguided strategy but it’s potentially harmful as the online wagering companies could play a valuable role in helping the nation’s –and the world’s- economy get back on track. At a time when the problems facing this country are as multiple and acute as they have ever been, Washington should seeking solutions not more conflict. And fortunately, during the Obama Administration, the vilifying of the offshore wagering companies has taken a back seat to trying to solve the many problems the world currently faces.
But instead of simply placing the offshore wagering industry on the back burner Congress should place it at the fore of the economic discussion and explore the possibilities of using online betting as a toll to help us dig ourselves out of the enormous economic hole that we now find ourselves in.
With national deficits at an all time high, home foreclosures sky-rocketing, unemployment soaring and very little positive economic information coming down the pipes it’s high time that Congress begin looking for alternative revenue streams. One of the most productive easy streams of revenue to tap into, would be that of the offshore wagering companies.
As of now, these companies provide services to tens of millions of sports betting fans in the US and generate billions of dollars of revenues. And yet, not a single red cent earned by the online wagering industry is taxed.
Why, you ask? Because the online betting industry is illegal in the US and therefore these companies operate on foreign soil and un-taxable by US authorities.
It makes absolutely no sense. Offshore wagering companies would be more than willing and happy to pay taxes to the US government and help reduce the national debt. But sadly, a few misguided politicians in Washington had ruled out this possibility, and until Congress’s position to on line betting changes everyone loses.