Congress Close To Approving Online Gambling?

oiler · 09-06-11, 07:01 AM

never read nothing baout it,where did u see it at

MartinBlank · 09-06-11, 07:02 AM

It seems aimed at the poker guys. Our country is so broke, individual states were looking for all kinds of ways to raise tax revenue, and Jersey was hell bent on establishing internet poker as a viable tax option.

Vegas opposed, but then they gave in.

And their bitch boy---Kyl from Arizona who announced his retirement after this term also caved in.

It will probably happen, but I doubt it has any effect on sportsbooks in the short term.

MartinBlank · 09-06-11, 07:06 AM

Here is an article from yesterday

Gary Loveman the Chairman of Caesar’s Entertainment group is very optimistic and informed investors in August at a meeting that his connections have relayed to him that Congress views the federal legalization of online poker/gambling as inevitable. With big names in Government like that of Harry Reid conveying the same message in a meeting with the Las Vegas Review Journal, things are starting to look up for American poker players, and sooner than later. When Harry Reid met with members of the Las Vegas Journal he was quoted as saying, “He expects Congress to take up the debate on legalizing online poker, soon, but would not comment on any time frame.”
A Super committee was put in place by President Obama last month and put them in charge with finding $1.5 trillion dollars to lower the deficit over the next 10 years and online gambling is one option they are already discussing raising billions of dollars for the US Government in taxation and regulations. It has been estimated that over $6 billion is wagered annually on internet poker and that is just too much money for the US to ignore, especially since it’s been proven ever since April 15<SUP>th</SUP>, what the online poker world has dubbed “Black Friday” that no matter what, Americans that wish to gamble online will do so regardless of the governments position on banning it. Online poker has not taken a hit as far as how many players are still active in the US, whether its at land based casinos or online poker sites that still accept US players, both are doing exceptionally well in the aftermath of Black Friday. The Feds shutdown the biggest and most popular online poker sites, but that just opened the door for smaller, just as trustworthy and safe poker sites to step up and grab those players looking for a new home.
The Super Committee is taking a serious look at internet gambling says Las Vegas Attorney Greg Gemignani, the chairman of technology & Internet division of Lionel Sawyer and Collins gaming practice. Another solid piece of evidence that the tides are changing is the change of heart by Senator John Kyl, the Republican who was at one time one of the biggest opponents of online gambling. Gary Loveman was quoted as saying, “It’s no longer a question of if, but when” online poker will become legalized in the US.
Some of the biggest land based casino operators in the US who were also big opponents of online gambling have changed their stance too, including one of the biggest, Caesars Entertainment group. They stand to make the most out of a legalized online gambling law in the US. They already own the WSOP and also have their own online poker site just waiting to open its doors to US players. Once legalization takes place, its rumored that Caesars will be opening an American based pay for play World Series of Poker! Nevada lawmakers are so invested and certain that online poker is going to become legalized they have already amended some rules, and are hosting a workshop on Internet gaming for Nevada’s media next week at the University of Nevada, the Boyd School of Law. So for all those naysayer’s who said it would never happen, I hope they are getting ready to eat their words!

Mr KLC · 09-06-11, 07:12 AM

Good article, Martin. Thanks for the further insight. With the economy the way it is, I guess revenue from gambling doesn't look as bad now. It makes me wonder what the tea party stance is because sources seem optimistic that this might pass. I haven't found any articles yet from the other side discouraging this.

jjgold · 09-06-11, 07:29 AM

Lets just say sports betting was legal, it could never ever duplicate offshore wagering especially lower juice books and euro/asian books

mackbin · 09-06-11, 11:23 AM

The list of most likely to be legalized online gambling:
1. Poker
2. Horses
3. Casino
4. Sports

Unfortunately, sports betting has to deal with the NFL, NCAA, NBA etc lobbies that are definitely opposed to any form of sports gambling in the USA.

I think the NCAA doesn't even allow contests in Nevada because its legal in Las Vegas. UNLV has away games.

***Note, I almost forgot: horses are already legal at twinspires[dot]com . Kind of ironic Kentucky allows this website to exist after they tried to seize all those domain names. As usual, the pot calling the kettle black.