The idea of using online gaming tax revenues to help fund elements of health care reform became part of the Congressional conversation this weekend. On Saturday, Sen. Ron Wyden (D-OR) introduced a possible amendment to the Baucus bill (America’s Healthy Future Act of 2009) that would rely on the passage of Rep. Barney Frank’s HR 2267 to set up a regulatory structure that would provide health care revenue.

According to the Safe and Secure Internet Gambling Initiative, the tens of billions of dollars collected by the U.S. government from online gaming could offset health care costs going forward:

An increased focus on the benefits of Internet gambling regulation are expected as the Senate Finance Committee considers a proposal introduced on Saturday to use Internet gambling revenue to offset the costs of health care reform. The amendment offered by Senator Ron Wyden (D-OR) would dedicate Internet gambling tax revenue generated through implementation of the currently pending Internet Regulation, Consumer Protection and Enforcement Act (H.R. 2267) to increase low-income subsidies provided through the America’s Healthy Future Act of 2009. A PricewaterhouseCoopers analysis shows that collecting taxes on regulated Internet gambling would allow the U.S. to capture up to $62.7 billion over the next decade.

Wyden is a chairman of the Senate Finance subcommittee on International Trade, Customs and Global Competitiveness.

Barack Obama is in Montana today — where he’ll be cavorting with Sen. Max Baucus (D-MT)*, who is chairman of the Senate Finance Committee, and therefore has to come up with ways to fund any major health care reform. A daunting challenge to be sure, but a good time to float the possibility of floating Sen. Robert Menendez’s (D-NJ) online poker bill as a potential source of much-needed revenue.

An op-ed in today’s Missoulian — titled “Fund reform with Net poker tax” — does exactly that:

Instead of raising taxes during an economic slump to pay for these programs, what if Baucus and his colleagues could collect revenue that’s currently going to other countries from an industry that’s ready and willing to be taxed?

That industry is Internet poker, and Baucus can help make this a reality by supporting his colleague from New Jersey, Sen. Bob Menendez, who recently introduced a bill to license and regulate online games of skill such as Internet poker.

According to recent economic studies, tax revenue from licensing will add billions to the U.S. Treasury. Projections have shown that as much as $3 billion annually could be raised through Internet poker, which can be used to help fund key domestic priorities, like health care.

If the Dems are serious about passing Obamacare, then they should have a hard time turning their back on a few billion to pay for it annually. Of course, as we know, politics is seldom about what makes sense.

* Not to be confused with the strongly anti-poker Rep. Spencer Bachus (R-AL).