America to Profit Handsomely from Gambling

The American gambling laws, while seeking to prosecute much of online betting, especially as it relates to bets on sports, nevertheless, allow massive mega lotteries. The huge taxation windfalls end up in greedy government’s pockets.

The recent Mega Millions lottery brought a huge fever in multiple American states. Prior to the last drawing, a massive sum of $656 million had accumulated. Finally, the jackpot has been broken with 3 lucky winners. Each of the winning tickets, worth over $200 million, will net the lucky winners much less than that, a fact hardly understood outside of the United States.

The lucky holders of lottery tickets will have the winning amounts split over 26 annual installments. Those not willing to wait that long for all the cash, can opt in for a lump sum payment, which will reduce the sum in half. Furthermore, the government will tax the winners, reducing the amounts to well under $100 million, or a third of the sum won.

Yes, in America, when it comes to winning the lottery, you get a third of the promised amount. Even Robin Hood would be ashamed.

Those knowing that winning a lottery is too low of a probability, can try their luck in the games of skill such as the stockmarket or in the poker rooms.

Those loving sports, try their skills and bet on sports in US. However, that’s done at risk as the ancient Wire Act prevents interstate sports betting in America. At the same time, the punters can freely travel from, let’s say, Manhattan to the neighboring state of New Jersey and easily bet at the Meadowlands horse racing track.

This is not illegal, but betting on horse races or other sports over the Internet is a criminal act under American laws. Many already know this law is meant to protect horse racing tracks and land-based casinos due to their lobbying efforts.

The more special interests the politicians support, the bigger the campaign donations. Never mind the honest taxpayers may end up in prison for such atrocities as making a Super Bowl bet via the Internet.