CNBC: Lawmakers Consider Legalizing Internet Gambling

Internet gambling should be legalized and taxed in the United States to raise $42 billion in revenue over a decade and legitimize gamers who bet online, backers argued before a congressional panel Wednesday.



"We are talking about a decision by adults to do what they want to do with their own money," said Democrat Representative Barney Frank, who sponsors a bill to legalize online gaming, citing John Stuart Mill's essay "On Liberty" to make his point.



Frank spoke at a Ways and Means Committee hearing in the House of Representatives.



The House is considering two Internet gambling bills. One would legalize it. The other would require people to declare winnings from online gambling to U.S. tax authorities and set a 0.25 percent tax on wagers of all federally licensed bets.



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