Legal poker online in the USA?
Poker Ban in the USA?
The Barney Frank Bill finally got its first hearing in front of his ‘US House of Representatives Financial Services Committee’, last week. Seen as the first step in dismantling the 2006 legislation banning online betting and internet gambling games in the US, the only people to have benefited so far seem to be the share-holders of websites like PartyGaming, 888 and Sportingbet – who saw a rapid rise in their share-prices this week.
Should you invest in online betting websites?
However, if you think you could make a quick killing with shares in one of the many internet betting or poker websites – be wary, as you might yet still make more money simply playing poker in a ‘bricks and mortar’ casino. Hopeful of a resolution to the current state, of what is basically unenforceable legislation against online gaming, by August of this year – the matter is far from being finalized. The currently expected outcome is a series of licenses being issued; but with PartyGaming, for one, already having admitted limited liability on acting “contrary to US laws” in the past – the existing big players in providing online poker games and betting, may well be excluded from an entitlement to one of these new licenses!
No wild west ‘free-for-all’ for online gaming/betting websites.
Already not sounding too good is the idea that individual states, even Indian tribes, will be able to determine who, if anyone, can have and operate internet gambling! So, basically, this piece of legislation going through the FSC will mean we will still have to apply pressure locally, at State level, to have online betting and poker games. This will surely mean a reversion to the levels of protectionism that Frank’s Bill is supposed to overturn, and the prospect of playing online poker tournaments recedes again!
Is there any real hope for online gaming in the USA?
One possible hope can be illustrated from a state that relies heavily on gambling – Nevada; which has seen its gaming revenue fall for more than 12 consecutive months. Credit crunch aside, they won’t be keen on seeing their revenue fall further and will be looking for new revenue streams. Meaning that the big Las Vegas players may well already be looking to sign deals with the big European online betting and poker sites; in order to access their technology and know-how quickly and more cheaply than from a ‘cold start-up’ themselves. If gaming/betting revenues are falling similarly across the USA, then hopefully all the states will find it economically expedient to allow/introduce online betting and gaming?