WebMediaBrands CEO Alan Meckler
Online Gambling Revisited
We know that online gambling is illegal in the United States. Yet Partygaming, the parent of partypoker.com is about to have an IPO in England -- and 80% of its revenues come from USA online players!
Barron's magazine reporter Andrew Bary reported in the June 6 issue that Partygaming "could be valued at $8 billion to $10 billion, making it one of the world's largest gambling companies."
USA laws are not going to stop the proliferation of online gambling. And yet USA laws have allowed over 420 American Indian casinos to operate in America not to mention the dozens of casinos allowed in Atlantic City, New Jersey and throughout the state of Nevada.
The growth of online gambling is assured. It might take several more years, but legalized online gambling is coming to America. And when it does become legal, one of the great "land rushes" of all times will take place as casino companies and investors fall all over themselves to get a piece of the action.
Although online gambling in the U.S. is illegal, it's interesting to me that gambling sites are allowed to advertise on U.S. based web sites for the purpose of soliciting U.S. customers. I guess it's ok to tempt people, but it's not ok for them to bite the apple?
And it will be non-US companies that will scoop the pot from the landrush.