| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Las Vegas Casinos Bet on Online Gambling
- Tuesday, 30 May 2006
It seems that the big names in the land-based gambling industry are trying to find their niche in the online gambling world. However, in the US this is not all too easy to do, as the Wire Act of 1961 prohibits the owning and operating of these web-based gambling venues. Until recently, groups such as Harrah's and the Las Vegas Sands have lobbied against legalization of online gambling; so, why have things changed? The answer is quite simple; there is big money to be made in online gambling.
To understand all sides of the spectrum, one must know the total yearly earning of the online gambling industry. It is predicted that by the end of 2006, all gambling sites combined will bring in approximately $20 billion. Of that $20 billion, about 40% comes directly from American bettors. The US has the largest amount of online gambling fans, who are constantly playing at internationally owned sites. Meaning that money that could be going to the US government is being given to other countries.
But what does this have to do with land-based gambling companies? With rising gas prices, traveling has become an expensive habit, and thus, more and more people in the States are turning to the online casino. Legalizing online gambling in the US will give land-based casino groups the ability to open up their own sites, and thus bring the money back to them. It seems like a win/win situation for both land-based gambling groups and the US government, but as of now the government isn't budging.
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