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Online Casino News
U.S. Internet gambling supporters will have to wait.
April 22, 2009
Online gaming advocates will need to wait for a little longer for the passage of federal legislation that would make online gambling legal in the USA. Congress seems to be busy with other important matters.
Joel Simkins, a Macquarie Securities gaming analyst, related to investors not to bet the house on the legalization of online gambling in the near future.
Joel Simkins' forecast arrives in spite of a White House that is apparently friendlier toward online gamesters and the encouragement of Rep. Barney Frank, D-Mass., who intends to re-introduce a bill to legalize and regulate online gaming before the end of April.
Online gambling has been the interest of the casino industry for a while, principally due to the large profits the industry produces. Approximations by online gambling support groups estimate the sum of money ventured online to be between $20 billion and $25 billion on an annual basis.
The MGM Mirage tried its luck at operating an online casino gambling site in September 2001, but deserted the concept after just under 2 years. The casino, which was licensed by the Isle of Man, did not take wagers that originated from the U.S.A.
Several online gambling supporters maintain that there is still a marketplace for U.S. online gambling in spite of a 2006 law endorsed by President George W. Bush that forbids banks and credit institutions from processing payments for online gaming activities.
Simkins saw the proceeds approximations and implored his sources, if the Federal Wire Act, used to impede
best online casinos in the U.S.A, could be turned over.
Simkins stated that "Given the more pressing economic concerns of industries that currently employ considerably more potential voters than online gaming ever will, we think the odds are very slim that online gaming will be supported on Capitol Hill,".
The gaming industry's lobbying group in Washington, D.C., The American Gaming Association, has taken an impartial posture on Online gambling, founded on the "differing views" of its associates.
This is a change for the worse from the association's previous encouragement of a study of online gambling by the National Academy of Sciences, which is supported by Rep. Shelley Berkley, D-Nev. The bill, initiated in 2007, is still sitting in Congress.
Simkins expressed that land based casino resorts will ultimately feel the competition from online gambling, by any means through "intranet" gaming on a state-by-state level.
Simkins stated that "Several of the suppliers we follow could capitalize on
Internet gambling opportunities, particularly on the
slot machine content side,".
Good Luck
From the Online Casinos USA team
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