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February 3, 2012

US Billionaires Gold-rush for Online Gambling

Posted by : admin
Filed under : General Green

The gold-rush is just about on, and US billionaires are getting in on the ground floor – ready to hit the ground running, hoping to hit the mother-lode. We are talking about online gambling! It appears that the federal Government has finally come to the realization that, no matter how much they try to ignore it, the demand for online gambling is here, and is not going to go away. The people want it, casino operators want it, and the Government works for the people; not the other way around.

Judging by the outcome of the recent hearing for the Joe Barton Bill – heard by the House Energy and Commerce Committee’s Manufacturing sub-panel; Rep. Mary Bono Mack has agreed that there is a certain amount of support in favour of a US online gambling industry. Certainly sufficient support to give pause for deliberation regarding legislation and regulation! While many states have looked at intrastate options, the only true way to get this industry off the ground is to take a unified front, and the only way to do this is with Federal legislation.

The fact that talks on behalf of legalising this industry have progressed thus far has elicited comment from billionaire Donald Trump; he has expressed a keen interest in partnering in online gambling operations, and thrown his hat into the ring.

However, as long ago as two years; former Mirage Resorts executive Richard Bronson had founded the U.S. Digital Gaming Co. When selling the concept of an online gambling software and advertising service to wealthy American businessmen, he found massive interest from US Billionaires. In fact this cash-cow, with the idea of being an advisor to Government agencies too, was bought into by Robert and William Taubman, Steven Roth and Herbert Simon.

It does not take much insight to see that online gambling could form the basis of the next wave of internet wealth for the American economy. This industry has completely revitalised the economies of many offshore licensing jurisdictions, so it has the potential to do the same for the US. Albeit on the traditional USA ‘Grand Scheme’ of things.

Since the promulgation of UIGEA, the US online gambling industry has regressed from one of the largest market-shares globally, to approximately 4% of market-share. Despite the fact that they will be starting at ground zero again, the potential which regulation and legalisation presents, is potentially exponentially massive. These billionaire interested parties obviously realise this potential. All that stands between them and making even more money now, is US lawmakers.

We all know that in US politics, money talks and BS walks, so, ostensibly these titans of industry, could leverage to get the laws changed. When the richest people in a country start pushing for an industry to grow their wealth further, it is amazing how fast such an industry could be made legal. First-mover advantages are key, and we believe we shall be seeing a mad mobilization quite soon. For example, Bwin.party have already joined the fray and formed a JV with MGM Resort Casinos and Boyd – which land gambling companies respectively own 17 and 18 casinos in the USA.

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