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John Pappas, Executive Director of the Poker Players Alliance (PPA), the leading poker grassroots advocacy group, with more than one million members nationwide, today released the following statement on the House Ways and Means Committee hearing on HR 4976, the Internet Gambling Regulation and Tax Enforcement Act of 2010.
"Today's hearing underscores the increasing Congressional interest in a licensed and regulated online gaming environment. While the robust consumer protections provided by regulation are the biggest selling point, in the current economic environment, additional tax revenue derived from a licensed industry is certainly appealing as well.
"It is important to note that this bill would not levy a new tax on poker players. Rather, it requires each licensed Internet gambling operator to pay a licensing fee - nothing would be deducted from a player's deposit. Individuals would be required to pay annual income taxes on their net winnings, just like players who collect winnings in land-based casinos do today.
"The PPA is working to remove language from the bill that would fine players who play on unlicensed sites as we firmly believe the unlicensed sites should bear the full consequences of not obtaining a license in the U.S.
"We thank the Committee for holding this important hearing today. We look forward to a successful mark up of legislation to license and regulate online gaming in July in the House Financial Services Committee."
