 Online Casinos
Get Portrayed in Favorable Light
Most articles and media portrayals of online
casinos and the online casinos industry in recent weeks and
months have been in a negative light. Online casinos are floated
as new stocks on the London Stock Exchange, and investors say
the industry will soon burst. Online casinos are a bubble,
detractors say. Online casinos should be regulated, others
argue. Online casinos are illegal, some maintain. Online casinos
lead to gambling addiction, and debt, and bankruptcy. Online
casinos are great places for terrorists to launder money. Why
all of this negativity?
Nevertheless, despite the negative publicity attributed to
online casinos in the media, a recent article in The Washington
Times paints online casinos in a more favorable light. The
writer, Tim Leke, wrote a very objective piece and researched
online casinos considerably. He focused on the NCAA college
basketball tournament and sports betting, and showed that nearly
two thirds of wagering on the internet – including online
casinos, poker, sports, and other operations – comes from the
United States.
The online gaming industry according to Lemke is a $15 billion
industry which could become over $25 billion by the end of this
decade. Lemke, in his research, interviewed top online casinos
executives and CEOs and asked for their opinions on how to best
utilize the potential of the obviously growing industry.
Law Professor Joseph Kelly of the State University of New York
points out the “futility” of attempting to criminalize the
nearly 2,000 online casinos on the internet.
The article, nevertheless, offers a very balanced and objective
take on the industry. The writer interviewed Virginia member of
the House of Representatives Bob Goodlatte, who has recently
tried to introduce legislation regarding the online gaming
industry. Goodlatte points out his reasons for wanting to
regulate the industry but Lemke shows that this would be an
almost impossible outcome to achieve.
The 1961 Wire Act has been used frequently by the U.S.
Government as the reason online wagering is not legal, but it
does not address either the Internet or even casinos or poker or
bingo.
In the conclusion of the Washington Times piece, Lemke writes
that instead of attempting to keep Americans from wagering
online or even playing poker, the US government would be better
off allowing the industry to profit, to continue to grow, and to
flourish. Why? Because the Government could then take some
revenues from the internet gaming industry and this would
benefit not only the online gaming portals themselves but also
change the viewpoint of many that there are negative aspects and
improprieties everywhere.
The legality of the issue remains a top concern, as the US
Congress is proceeding with the bill to freeze credit card
companies and accounts from online gambling companies. Most
online gaming entities, of course, are based in offshore tax
havens like Antigua or Costa Rica, or other Caribbean islands.
The Washington Times article proved to tackle a very complex and
controversial issue with a balanced overview and great insights.
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