Companies Invest Illegally In Online Casinos?
Even though the regulation of online casinos is under discussion
in the United States, at this moment playing in online casinos
and operating online casinos from American soil is still illegal
here. However, according to a media report published last
Sunday, this doesn't stop American companies to buy millions of
shares in online casinos. These companies stated that they know
investing in these casinos is at a legal risk, but the financial
benefits of owning shares in a growing and highly profitable
industry are more important that the threat of penalties or
Several major firms hold hundreds of million dollars in shares
of online casinos that are officially illegal, but are openly
traded at the London Stock Exchange. These online casinos are
located in offshore locations like Costa Rica or Gibraltar, to
avoid complications with the US law.
More and more US companies invest in the shares of online
casinos, which emphasize the strange situation of online
gambling in the United States. Not only is America the largest
distributor of players of online casinos in the world today,
even the American companies seem not to take the US laws very
serious when it comes to online casinos. Both casino players and
companies believe that the activities on the internet are
cross-border activities, which cannot be limited by country
Some legal experts believe that the American investors and major
firms that are buying the shares of online casinos are not
criminally liable for their actions. American companies invest
in many offshore operations that might be considered illegal or
unacceptable in the States, and they are never told not to, so
why start with online casinos?
Other experts claim that investing in online gambling operations
is completely different from any other kind of offshore
investment, since the American population play illegally in the
online casinos that are supported by American companies and this
is officially breaking the law.
According to Jaclyn Lesch, spokesperson for the Justice
Department, online gambling is considered an illegal activity in
the United States, but she couldn't tell the press clearly if
she thought that a person or company could be held liable for
participating in any way in this illegal activity.
Bob Goodlatte, a Republic of Virginia and opponent of off-line
and online gambling, stated that it seems like the US government
has given up on the subject of online gambling and stopped
enforcing their own gambling laws. He believes the US justice
department is making a fool of themselves.
Many gambling critics believe that this is just one of the many
situations that show just how much the online gambling laws are
being ignored in the States. Everyday, millions of Americans log
on to online casinos and spend hours behind the computer playing
poker, blackjack, craps or any kind of slots machine.
Anywhere in America, you can find advertisement of online
casinos in printed media and on cable television, an
embarrassment for the United States Justice Department.