Congress to Hear More about Online Gambling

Posted on January 28, 2012 by rebecca

The United States Senate Committee on Indian Affairs has agreed to listen to the subject of online gambling. This will make the third hearing on the subject of online casinos and gambling since Christmas and there may be big changes coming. The hearing is to discuss the changes made by the U.S. Department of Justice as the Wire Act pertains to online gambling. The Native American tribes will be discussing and investigating the impact this new law will have on the tribes and their current gambling enterprises.

Illegal Gambling on Gaming Sites Leads to Future Changes in Online Gambling?

Posted on January 27, 2012 by rebecca

Millions of people have been enjoying games like Farmville and Zynga, and even if gambling isn’t actually legal in the United States just yet, these games have made online gaming a great deal of fun for many players and illegal or not – fans of the games are gambling through them. Now it’s only a matter of time before the millions of dollars made gaming on the internet are scrutinized by the congressmen and women looking for new sources of income.

Lottery Tickets Lead the Way for Online Gambling

Posted on January 20, 2012 by rebecca

Before Christmas, New York and Illinois asked the U.S. Department of Justice to clarify the Wire Act of 1961. To the surprise of virtually everyone in the industry, the department judged that the wire act isn’t applicable to anything but sports-related gambling. Effectively, all other sorts of gambling are possible within state lines – and casinos are lining up to get ready.

According to Nelson Rose, a senior professor at Wittier Law School and gambling consultant, “Internet gambling is about to explode across the nation, made legal under state laws.” So if states are ready to bring in revenues from only poker, online casinos or even the original plan – online sales of lottery tickets – they are absolutely free to do so!

Profits from Online Gambling May be Small

Posted on January 19, 2012 by rebecca

States like Iowa, Nevada and the District of Columbia were thrilled to hear that online gambling was becoming more permissible. They immediately set out to develop plans to bring in online poker or gambling sites citing the need for the revenue to plug some budget holes. After all, state lotteries are now bringing in close to $18 billion per year and online gambling seems like a logical next step.

A recent study in Iowa, however, found that the possible earnings are much smaller than original thought. Iowa’s research found that the legalization of poker in that state might generate revenues of $3 to $13million per year – and this is considerably less than companies within the industry had been estimating. Even in California, the total income from online gambling would be between$100 and $250 million per year – a small fraction of the $9.2billion shortfall the state is experiencing.

2012 Will Be the Year of Online Casinos!

Posted on January 13, 2012 by rebecca

Thanks to a new interpretation of the Wire Act of 1961, states are now able to establish online gambling laws to suit their individual needs – a huge step forward from the days when the federal government made it illegal to place bets through technology.

Years ago, the Wire Act was interpreted to mean online casinos and games were not allowed in the United States and federal authorities began cracking down on companies offering online casinos. As a result many companies moved outside of the United States even if they were still catering to an American audience. Now, the doors are open for these companies to move back into the United States and establish true online casinos.

Of course, with the internet, speed is everything and entrepreneurs and companies alike are all scrambling to get casinos live and positioned for the inevitable announcements that online poker rooms or full online casinos are now allowed.

While no states have established full guidelines yet, Nevada is moving the fastest, but other states including Massachusetts and Ohio seem to be following suit. There will likely be additional states establishing similar guidelines in the months that follow. To learn more about the changes that are expected in the online gambling industry, read more.

Nevada To Accept Private Poker Sites for Testing

Posted on January 12, 2012 by rebecca

Nevada, in it’s increasing effort to stay ahead of the game (quite literally), has started drafting guidelines and regulations for online casinos. They will also be accepting applications for private testing labs. Through these labs, the state regulators would inspect and help certify online poker sites. This would also be an excellent starting point for additional regulation and decisions about other gambling options online. The decision to start on the project was announced this summer, but so far Nevada has been very quiet about expected dates for additional information outside of a May 1, 2012 deadline for the guidelines.

Nevada Approves Online Poker Regulations

Posted on January 5, 2012 by rebecca

We all saw it coming and now it’s here. With the Department of Justice’s ruling on the legality of online gambling, someone had to be first and, not surprisingly, it’s Nevada. The Nevada Gaming Commission unanimously approved a regulatory framework for online poker. Live games are expected to commence early in 2012, meaning the games could be just weeks away.

There has been a great deal of talking and debating and even arguing in states about the possibility of some form of online gambling, and now with the federal government essentially saying it’s okay, Nevada is jumping into the fray.

The new guidelines are in place to ensure that accounting and taxing is done correctly and the laws will require online poker room operators to hold a cash reserve that is equal to the amount deposited by players. This means players will actually get paid when they win and online jackpot. Players can only have one account and they must prove they are twenty-one years of age.

The gaming sites will allow players to deposit funds, wager on real money games and then credit funds back into a bank or credit card account when they are finished playing.

Many experts believe that other states may soon join in with Nevada to expand the poker network while using the framework put into place by the best-known gambling state in the nation. Currently, the new guidelines affect only players from Nevada – no players from other states are allowed to participate. Joining a multi-state network would make the game more accessible to players from many different areas.

The only caveat is that the Federal government hasn’t actually declared that he gaming is legal – yet. The Wire Act may only apply to sports, but Nevada is hoping to be the first in line when the government does make a decision for online poker.

Utah Looks to Block Internet Gambling

Posted on December 30, 2011 by rebecca

While the rest of the country looks at the possibilities opened by the Department of Justice, at least one state isn’t ready to embrace online gambling. Representative Stephen Sandstrom, a lawmaker in Ohio, has introduced a new law that would ban online poker and all other forms of web gambling in his state. According to Sandstrom, “This bill is a referendum on the DOJ’s decision and some in the U.S. Congress such as Senate Leader Harry Reid to proliferate online gambling.” Read more about Rep. Sandstom’s new measures here.

Online Gambling Now Legal in United States?

Posted on December 29, 2011 by rebecca

The Department of Justice made a major reversal on Friday – the department decided that “interstate transmissions of wire communications that do not relate to a sporting event or contest fall outside the reach of the wire act.” At first glance that doesn’t mean very much, but when you interpret the change it has very big implications.

The last interpretation of the law by the department of justice found that the United States should not allow online gambling for any bets including those placed within the borders of the state. Now that the law has been changed, there is a very clear pathway for states to enact online poker legislation and there may be room for offshore gambling companies to come into the states and provide online gambling as well.

There is also a very strong likelihood that that Congress will see this new ruling by the Department of Justice as the push it needs to rush through some new legislation to frame new rules and guidelines for states that have already been prepared for this very ruling. It’s quite likely many states will see online poker and online lottery games by the end of this year. Read more.

888 Reports Growth in Online Casinos

Posted on December 23, 2011 by rebecca

British company 888 Holdings announced its financial position as 2011 rolls to a close, and the numbers look good for the parent company of 888 poker. According to 888, trading remains especially strong in online casinos and poker, and apparently the year-end results are “significantly ahead of market expectations.” This is great news for internet poker especially where three major poker rooms were indicted for fraud and money laundering.

Apparently, despite the industry set-backs, the European gambling rooms are still going strong and thriving in the market. All told, it is believed that there were revenues topping 80 billion Euros last year in the European market, and like many other companies 888 is poised to jump into the U.S. market should lawmakers there decide to open up internet gambling in the states.