According to The Safe and Secure Internet Gambling Initiative, a new study from market intelligence company H2 found that new projects regulating all forms of Internet gambling in the US would create up to 32,000 jobs over nearest five years.

The release of this study complies with legislation in Congress to regulate Internet gambling, which is led by House Committee Financial Services Chairman Barney Frank .

H2 thus found that regulating all forms of online gambling would generate up to a total gross expenditure of $94 billion over five years and $57.5 billion in tax revenue from projected wagering, related job creation and growth of supporting business over the same period.

It was previously forecasted that $72 billion over ten years would be collected from license fees and other federal and state taxes in a regulated environment without sports betting.

Internet gambling regulation is expected to benefit existing land-based casinos around the country. Access to this new market as a source of alternative revenue for existing businesses is likely to have been one of the factors that led the American Gambling Association last month to announce support for Internet gambling regulation.