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| | | May 24 - It has recently been reported that some of America's leading land
casinos are 100 percent behind the legalization of online gambling in the country, and
are increasing pressure on Congress to 'get with the program'.
Harrah's Entertainment Inc, the largest casino owner in the world, and many
other US casino giants in support of the legitimization of online casinos and gambling
online, have made their feelings very clear to congress.
Congress, however, seems to stuck on introducing bills that would make online
gambling an activity prosecutable and punishable by law, in other word to
turn online gamblers into criminals.
The casinos, however, maintain that the best way to control the ever-growing $12 billion
online gambling industry is to legalize it, regulate it and tax it. Currently,
more than half of the world's online gamblers are based in the US.
This means that over $6 billion is being sucked out of America annually by offshore owned
and operated online casinos and gambling online operations.
The American Gaming Association (AGA) has projected that the online betting
business will more than double to about $24 billion a year in global revenue by
2010.
Unlike in the US, in the UK, the law recognizes that the only
difference between traditional or land casino gambling and Internet or
online gambling is the word 'Internet' or 'online'.
In fact, online gambling companies in the UK are treated like any other and are
free to list on the London Stock Exchange (LSE), which many have done, including two
Gibraltar-based online casino operations, PartyGaming PLC and 888 Holdings
PLC.
The multi-billion question though is whether the United States is capable of following
in the United Kingdom's footsteps.
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