Obama: a Safe Bet for Online Gamers

Whether you were backing the other guy, or you objected to all of the candidates, free marketeers may find some reasons to cheer during an Obama administration.

One of the likely positive pertains to the much debated issue of internet gambling. While neither candidate expressly stated his plan on the topic, there are a few good reasons to believe that Obama will, at the very least, not stand in the way of legalizing online gaming.

For one, Hunter Biden, son of now Vice President Joe Biden, was supposed to begin lobbying for internet casinos, but resigned when his father joined the presidential ticket. While Hunter is no Joe, one could conclude that Joe Biden is willing to hear the arguments on behalf of internet gambling.

Nepotism aside, there are genuine policy reasons to think Obama will favor the liberalization of internet gaming. Without question, legitimizing internet gaming would open up a tax revenue stream potentially in the billions of dollars. A clamp-down, or implementation of current regulations will certainly cost money and have negative consequences on the already smarting financial sector.

It is true that during his pre-presidential career Obama expressed skepticism at the idea of reaping tax benefits from gambling, which could have potentially “devastating” “moral and social costs”. However, due to the current economic climate, and the costly promises Obama now must fulfill, it is safe to assume that, at the very least, he will not reject wholesale attempts by Barney Frank and other democrats to remove bans, legalize and tax internet gaming.

Regardless of negative one can foresee in an Obama-nation, at least online poker players can look forward to a few isolated victories.

photo via the New Yorker