Lottery nation

6 May 2009 By Martin Hutchinson

Legalising internet gaming would provide muchneeded tax revenue. But it would encourage bad behaviour all round. The gambling urge reduced saving and love of speculation and excess leverage has already done enough damage to the US economy.

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Harrah's Entertainment and Youbet.com are supporting a bill introduced on May 6 by Democratic Congressman Barney Frank to legalise online gambling. The bill would revise the Unlawful Internet Gambling Enforcement Act of 2006, which made it a crime for banks or other institutions to process financial transactions used to place illegal bets online.

The Swedish gambling monopoly Svenska Spel reported profits of SEK5.2bn ($855m) in 2007; the alcohol monopoly Systembolaget broke even but produced alcohol tax revenues of SEK10.9bn.

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