Fitch Report:Internet Gambling United States
The legalization of internet gambling is looking rosier by the day in the US.
In a recent rapport released by Fitch Ratings, the company stated that it is not a “pipeline dream” anymore-the chances of it being legalised and regulated in the United States is highly probable.
According to the Boston Herald many US states are seriously contemplating online gambling proposals and new federal laws are being discussed on how to properly police it. How it might relief certain budget constraints. Some operators have upped the ante when it comes to their online initiatives . For example the likes of Wynn-PokerStars and Caesars-888 Holdings algamated.”
The Fitch report estimates that internet gambling profits generated in the United States from foreign based operators generate $5 billion to $6 billion per annum. The amount of foreign based companies could increase dramatically if the US revises its present gambling policies. Some analyst postulate that the US’ gambling revenue yielded a staggering $60 billion in revenues in 2010, this includes Native American and racetrack businesses.
Michael Paladino a gambling industry expert reckons that if internet gambling gains federal approval in America it would severely impact on racetrack, slot parlours and the Lottery. Before this can happen many questions needs to be addressed first, such as: “Would it just be poker? Will other formats of internet gambling be considered? Would it be national or within state boundaries and is it a federal suggestion? There are many factors that could upset the internet gambling applecart and these must be taken into account as well. For one, if it is interstate must one take the lottery commissions into consideration?
Steve Grossman is the chairman of the Lottery Commission in Massachusetts, he stated that internet gambling “poses a serious hazard” to the lottery, since the lottery yields $4.5 billion in profit per annum, local towns and cities benefit from $900 million in aid generated by it. He said, “It goes without saying that I’m very concerned with the current stance many states are taking on internet gambling”. More and more players are playing lottery and it’s not limited to a specific age group. Should Congress decide to go the internet gambling route it then becomes a federal issue. As it stands Massachusetts is the most successful lottery state in the United States and we are more than capable to offer a Massachusetts-based or a regional internet gaming product that would safeguard our lottery revenues?”
A spokesperson for Grossman, John Carlisle confirmed that the lottery has alternative plans in place and that internet gambling is one of the options they’re looking at, “It is our hope that Congress will understand the ramifications internet gambling would have on local aid in Massachusetts and in every other state within the US.”[addtoany]