While it came as quite a surprise to many people within the industry of online casinos, the American Gaming Association recently made the announcement that it has decided to show its full support for the regulation of Internet gambling. The association represents all of the major United States casino operators. Harrah’s Entertainment and Wynn Resorts are a few of the powerhouse companies that belong to this particular group.

The association has indicated that with the advanced in technology that have taken place, there are the means in place to properly regulate online casino gambling so that the land based casino industry is protected out all times. The vast majority of the board has indicated that they hold a favorable opinion on Internet casino gambling. The only contention is that there must be incredibly secure regulatory control in place in order for everything to be effective.

At this point in time the American Gaming Association still has not come forward and endorsed any of the bills are pending in Congress right now that aim to regulate online casinos. One of these bills is Rep. Barney Frank’s comprehensive proposal that would aim to regulate and license Internet gambling sites.

Another bill up for contention is Rep. Jim McDermott’s measure that looks to fund the foster care programs through taxing Internet gambling site. With these innovative proposals on the line, it will be very interesting in the coming weeks and months see which way our government will shift in its gears and perspective on the potential earnings from online gambling.

During the third quarter of the year 2008, the American Gaming Association spent an astonishing $400,000 to put toward lobbying for legislation that aims to legalize and regulate internet gambling. The organization’s most recent financial report indicated that it lobbied the White House, the Department of Interior, the Treasury Department, the Internal Revenue Service and, of course, Congress during the months of July, August and September.

The quarterly report, filed by the association on October 16 through the United States House of Representatives’ Office of the Clerk, disclosed a great many details as to just where their lobbying efforts had been placed during the third quarter. For the association, lobbyists had been dispatched to focus on tax legislation that affected casino gambling and players including Hurricane Katrina tax bills and employee tip tax compliance. Also, the organization reached out the federal government concerning bills that would aim to construct a non-profit corporation to promote travel to the United States.

The American Gaming Association, that opened its offices in Washington, D.C. during the summer of 1995, had originally formed with the goal of building a better understanding on the gaming entertainment industry. They intended to accomplish this goal by education the general public and assorted elected officials and other decision makers about the real facts of the gambling industry through a campaign focused on education and advocacy. Members since back in the early days include such industry bigwigs as Harrah’s Entertainment Incorporated, Wynn Resorts Limited, MGM Mirage and Bally Technologies. They have worked hard ever since 1995 to build bridges with casino operators and gambling equipment companies.

Just last week, the president of the American Gaming Association predicted that legalizing online gambling will be the future for the United States. As the economy continues to go up and down and mostly down, many folks are looking at industries that hold the potential to help bolster the national economy in its fragile state, and the online gambling industry is one of the first places people are looking towards. Even land-based casinos are beginning to take a closer look at the possibilities that online casinos may hold.

As enormous land-based casino resorts are going up in unprofitable flames for being almost impossible to finance, many people are rethinking their views on online casinos. Gamblers who normally flock to the bright lights and big city glamour of places like Las Vegas are tightening their belts and in turn, revenues have dropped sharply as people can no longer afford to travel.

Many people see the regulation and ultimately the legalization of Internet gambling as the dark horse for helping to fix Congressional budgets. With the new administration coming into power in a little more than two months, new programs are going to be introduced and everyone will be looking around searching for ways to pay for them. Gambling industry insiders are confident that many people will realize that online gambling could be the perfect solution toward finding ways to generate additional revenue.

If the federal government were to make the move toward taxation and proper regulation of online casinos, there are potential billions of dollars worth of revenue to be gained from doing so.