New Administration May Just be Good for Online Gamblers
Posted November 24, 2008 – 11:06 am in: Online Gambling
Despite the fact that the Republicans have always believed the power of free trade and globalization, they are very adamant in making sure that online gambling doesn’t prosper in the United States. In fact, it was during the Bush administration that the anti-gambling act was developed by the party’s congressional leaders, which was then later approved by the treasury department in November.
The law, which was developed to curb anti-money laundering and to “preserve” the morals of the teens, will be a huge blow for online casino players and operators, as well as for the banking industry. For one, the former will no longer be able to establish relationships, as operators will be tracked down and their domains seized. Players, on the other hand, will be prohibited to play any game. Even if they decide to do so, they cannot still play, as banks and credit card companies are instructed to prevent them from paying and withdrawing money online.
However, the Democrats are taking a different stand. For them, online gambling should not be prohibited as this may have a direct impact in the financial services industry. Moreover, the least thing that they could do is to set up limits but not completely ban it.
It’s because of this that Nevada casinos are very hopeful. Ever since the economy has taken a sharp downfall, most of the land-based casinos are trying their best to keep their system and business afloat. A number of them have already stopped making developments in other countries, such as in Macau, which, by the way, is also experiencing a setback. They have also laid off hundreds to thousands of employees to keep their costs to the minimum.
Nevertheless, they are currently taking a new direction, something that will hopefully help increase their revenues without raising their expenses. They are hoping to penetrate the online gambling market. They believe that once the new administration will already come into action and that they will change the rules of online gambling and only come up with regulations, Nevada casinos will be the first that are going to receive the license to operate. This will then give them the edge over other online casinos that are also setting their eyes on the U.S. market, only that they are not operating in the country. Moreover, because Nevada casinos are already well-known all over the world, it will become very easy for them to sell their online casinos to their target customers.
As of the moment, there are already countless casinos that are closing their market in the United States. In fact, they did, even before the act was put into law. Just in case that the anti-gambling law will be overturned and that they will only be regulations that will be put into place, these online casinos will definitely open their doors again to U.S. players.
If there’s one community that benefits from this law, it will be fantasy sports, which have been reaping revenues from players simply because they are not outlawed.
Tags: Online Casino, Online Gamblers, Online Gambling, U.S. Online Gambling