It has been reported in The New York Times that casinos in America are warming up to the idea of gambling on the internet and more specifically poker. Most of them are starting to think that it can generate revenue with little influence on current business. Harrahs for example have supported the legalization for some time, but those who were against it like Wynn Resorts have now also started coming around.
The American Gaming Association is said to be working on a proposal for Congress to look at the option of legalizing some forms of online gambling. According to Sebastian Sinclair, a gaming industry analyst, a change of heart among operators like Wynn Resorts should come as no surprise if you look at the stakes involved.
Poker Analyics, a consulting firm in New York , estimates the annual revenue of Poker Stars, one of the biggest internet poker sites out of Isle of Man, to be aroun $1 billion.When confronted with a beast of this nature an industry’s first reaction is to circle the wagons and play defense. This changes over time as they get used to it and the opportunities become clearer.
It is not only the casino industry that is rethinking their opposion to online gambling, but so also Senate Majority Leader Harry Reid (D-Nev) according to the Times. It is believed that new legislation will however be far less liberal than the bill sponsored by Rep. Barney Frank (D-Mass) and would not allow the legalization of all forms of gambling, excluding sports betting, witht he states having the power to ban some forms of gambling in their borders.
In a 2008 Reason article we looked at the futile federal crackdown on internet gambling.Then in April a possible life sentence stared Daniel Tzvetkoff in the face for helping Americans to play poker on the net. What was a serious felony back then, treated in the same light as murder, may soon become a profit generator for the likes of Wynn Resorts and Harrah’s.
