Online Casino Transfer: News - Stewart Opines on Online Gambling

05/01/2010		Online Casino Style: News Stewart Opines on Online Gambling - 2
Home History Games News Dictionary		continued from Stewart Opines on Online Gambling - 1 The statement released by Stewart included a number of other views, all pertinent to the online gambling industry. A number of notes were made on the recent announcement by the American Gaming Association that they were in support of the strict regulation of internet casinos in the US, ranging from neutral to positive, but determinedly lacking in the negative. They thought that the change of heart expressed by the AGA is probably largely in part by a shift in both MGM and Steve Wynn as an individual, both being active and influential bodies in the land gambling market. Should the firm turn out to be right, the legalization of even poker by itself would be a major change in the US market, marking the way for millions of tax funds to be paid, viable through legalization. Annual gross gaming revenue could reach as much as $8 billion each year, a huge chunk of change that the government would receive for doing little more than giving permission. Clear winners in the corporate sector would include the Vegas giants, such as Wynn, Harrah’s Entertainment, MGM, and even the Las Vegas Sands. The details of the new legislation would have to be determined before a prediction could be made on how offshore and European companies would benefit. Many believe it likely that in any case, a system will be set up to favor, at the very least, domestic companies. One possibility, Steward says, would be to mandate that foreign firms must set up a land-based entity to participate in the online gambling sector. Still another choice would be to mandate the passage of testing and verification before a license to operate would be granted. "Under this scenario European-based operators could potentially pass the requisite tests given their scale and experience in operating in regulated markets such as the UK and Italy, and having invested heavily in KYC (Know-Your-Customer due diligence and regulation) and anti-money-laundering technology," Daniel Stewart said.

05/01/2010

Online Casino Style: News
Stewart Opines on Online Gambling - 2

continued from Stewart Opines on Online Gambling - 1

The statement released by Stewart included a number of other views, all pertinent to the online gambling industry. A number of notes were made on the recent announcement by the American Gaming Association that they were in support of the strict regulation of internet casinos in the US, ranging from neutral to positive, but determinedly lacking in the negative. They thought that the change of heart expressed by the AGA is probably largely in part by a shift in both MGM and Steve Wynn as an individual, both being active and influential bodies in the land gambling market.

Should the firm turn out to be right, the legalization of even poker by itself would be a major change in the US market, marking the way for millions of tax funds to be paid, viable through legalization. Annual gross gaming revenue could reach as much as $8 billion each year, a huge chunk of change that the government would receive for doing little more than giving permission. Clear winners in the corporate sector would include the Vegas giants, such as Wynn, Harrah’s Entertainment, MGM, and even the Las Vegas Sands.

The details of the new legislation would have to be determined before a prediction could be made on how offshore and European companies would benefit. Many believe it likely that in any case, a system will be set up to favor, at the very least, domestic companies. One possibility, Steward says, would be to mandate that foreign firms must set up a land-based entity to participate in the online gambling sector. Still another choice would be to mandate the passage of testing and verification before a license to operate would be granted.

"Under this scenario European-based operators could potentially pass the requisite tests given their scale and experience in operating in regulated markets such as the UK and Italy, and having invested heavily in KYC (Know-Your-Customer due diligence and regulation) and anti-money-laundering technology," Daniel Stewart said.