The European Union is at it again and the battle is still on regarding their online casino gambling restrictions. The EU is trying its best to have online gambling regulated in all its member countries. Although many countries including the US have refused to lift the ban on internet gambling. There is good reason for this because several countries face the huge problem of fraud and misuse however proper regulation of the industry can lead to very positive economic growth.
News about changing online casino industry regulations has been doing the rounds recently. In fact the KPMG is forming an advisory group around the world. They are even asking for countries to ease their tight regulations on internet gambling and improve the industry regulations.
Many studies and clear evidences in countries with regulated online gambling have shown that online casinos can greatly improve the economy by raking in huge revenues. A recent report from the Australian government stated that their industry would grow by 42% by 2012. That would translate into revenue of $30 billion in terms of growth. The UK is perhaps the best example of how potential tax increases can affect and help improve the economy. Any online casino that wishes to operate in the UK must be licensed and will be taxed. Taxes are definitely lower outside the country but the UK has a stake in that too.
It is evident that if countries allow the regulation and legalization of internet gambling it could do a great deal of good to the economy of the country. Legalization of internet gambling would also mean the eradication of underground online which is illegal and often fraudulent. Two countries where regulation of online gambling would have very positive results are China and Korea. Although China has a huge land based casino, they have banned internet gambling and so has Korea. By regulation online gambling and have legal online casinos these countries could reap the benefits in the form of taxes and thereby enjoy significant growth in the economy.