Did anyone catch CNBC’s “Closing Bell” show recently, when they covered the regulation debate about online gambling?
For those of you who are not American and don’t get American cable TV, CNBC is a cable network devoted to business and Wall Street.
The topic of a recent show was “The Future of Online Gambling”, and two leading U.S. gaming industry analysts were the guests, Andrew Parmentire of Height Analytics and David Katz of Oppenheimer.
Surprisingly, both men agreed with one another on the program (usually you get differing viewpoints in these types of pundit discussions), citing that it is not a matter of “if” online gambling, including poker and online casino betting, becomes legalized and regulated in the States, but rather, “when.”
It’s no longer a case of morality, they agreed, but pragmatism.
Regulating online gambling is being viewed as the most practical thing to do during a time in which the U.S. economy is in desperate need of tax revenue. Doing so would bring in an estimated $50 billion for offsetting social programs said Parmentire.
Coupled with the successes of Britain, where online gambling legislation was passed in 2005 – now bringing in millions of tax revenue with little or no rise in fraud, money laundering and problem/underage gambling cases – as well as the growing interest and pressure land-based casino giants like Harrah’s are beginning to voice for the cause of regulation, U.S. lawmakers really have no choice now but to take a good hard look at the possibility of implementing Federal guidelines to regulate online gaming activities.
My point exactly. It is inevitable.
So let your local representative know how you feel.
If you’re like me, you’ll play anyway.