Looks like the lines are being drawn in the sand in Las Vegas. Shortly after Michael Gaughan broke ranks with other casino owners and announced his support for the Assembly Bill 258, Nevada’s attempt to legalize online poker, the Wynn has now also stated its support.
Assembly Bill 258 is also backed by the online site PokerStars which is the most trafficked online poker site in the world. Now Wynn Resorts Ltd. And PokerStars will stand together in a strategic alliance to try and legalize online poker in the United States.
CEO Steve Wynn said in a statement that law enforcement doesn’t have the tools to stop online gambling. So instead lawmakers should look to “legalize and regulate the activity to create thousands of jobs and tax revenue for the United States.”
What’s at stake for Nevada? According to what economist Jeremy Aguero presented to the legislative panel, “between $2 million and $3.4 million in taxes annually if online poker is legalized in Nevada and up to $65 million if it captured a quarter of the international market.”
The tax revenue is not the only thing that would be brought to Nevada if this bill goes through. Aguero also estimated 1,200 direct jobs and $77 million in direct wages could also be added to the state. This echoes what former state Assembly Speaker Richard Perkins, who is now lobbying for PokerStars has said.
“Make no mistake — this is about Nevada jobs, Nevada revenue and Nevada pride. Other states are going to leapfrog us.” He also added, “This may be the single largest step you can take to get Nevada back on track.”
Nevada is known for being the largest state for gambling in the USA, and when they have a three-month period of declining gambling revenues, it starts to be a little scary for the industry as a whole. Thankfully, they ended this losing streak in September and showed a fair amount of growth. They found that the total winnings for the month of September were about $916.3 million, and that's a 1.5 percent boost from September of 2014.
In many parts of the world, PayPal is a viable and common method for making reliable deposits and withdrawals for various forms of online gambling. In the United States, however, they pulled out of that market over a decade ago. For the first time, however, they are offering payments for online poker in Nevada through Caesars Interactive Entertainment. This is being offered for players on the WSOP.com platform with expansions coming soon.
Online gambling in the United States is at an extremely critical point right now where a few states have regulated the industry, but not enough states have banded together yet to really get a federal framework. In spite of that, New Jersey has shown once again that they have no intention of slowing down in the least bit by awarding a new online gambling license.
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