Online Gambling News Live Blog; Nevada Would Benefit big from Legal Online Gambling

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Mar/26/2011

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March 25, 2011 6:51 pm ET:  An economist tells the Associated Press that the state of Nevada would benefit financially from legalized online gambling, specifically Web poker.  A number of Las Vegas casinos have called a bill being backed by the world’s largest Internet poker room, PokerStars, premature.  

AB258 is being backed by Wynn Resorts after announcing a strategic alliance with PokerStars on Thursday

The economist said that Nevada stands to gain millions in tax revenue if it regulates and develops the multibillion-dollar online poker industry.

From The Associated Press:

Economist Jeremy Aguero estimated the state could collect 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 economic possibilities go beyond tax revenue, Aguero said. If the state sets up a structure requiring licensed online poker operators to be headquartered in Nevada, an estimated 1,200 direct jobs and $77 million in direct wages could result.

In another scenario, Nevada could require all online poker operators to make a minimum capital investment in Nevada, Aguero said. That projection shows 3,400 direct new jobs, $200 million in direct wages and about $1.3 billion in total economic activity.

 

March 25, 2011 6:40 pm ET:  Poker Players Alliance suddenly does an about face and backs the Nevada State online gambling bill.  The reason:  Probably because PokerStars, which is lobbying for the bill (AB258) is one of the PPA’s biggest (paying) members and – well – they probably don’t have much of a choice.   

Up until Thursday, the PPA pledged only to support federal legislation that was introduced two weeks ago.

A lawyer representing the Poker Players Alliance said the Department of Justice has issued a press release condemning online poker, but is ambiguous in the law and would likely not prosecute Nevada for developing the gambling rules.

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