September 28, 2009 (CAP Newswire) — Canada is losing millions of dollars each year overseas as foreign Internet gambling firms operate where homegrown companies are not allowed, argued David Baines in a recent edition of the Vancouver Sun.
The argument comes from Costa Rica-based Bodog’s recent move into the Canadian market. That may seem like a natural move for Vancouver native and Bodog chief Calvin Ayre, but it has some analysts in Canada concerned that Canadian online gambling dollars will be leaving the country.
The solution? Full legalization and regulation, says Baines. “ … [W]hen it comes to Internet gambling, the genie is out of the bottle. There is no sense trying to eradicate it. The most sensible approach is to regulate it. That way, we can make sure the games are fair, operators are of good character, and taxes are collected.”
This argument echoes current movements in the U.S. and Europe. It seems as though more and more of the Western world is coming to the realization that regulated online gambling could be of great benefit to governments struggling to bring in revenue during the current economic downturn.