It cannot be denied that land based casinos suffered when online casinos and online poker sites boomed. Players would rather spend some money online than travel to Las Vegas where they have to shell out cash not only for their bankroll but also for their food and accommodation.
With the ongoing online poker problems, most especially the recent Black Friday incident, one would think that land based casinos are going to benefit from it. One would also think that players are going to flock into land based casinos due to the recent online poker problem. Wrong.
Las Vegas’ Dilemma
When the UIGEA was passed last 2006, there was a significant drop of United States-based players playing at online casinos and poker sites. This is because online casinos and poker sites did not want to deal with the problems associated with accepting deposits made by players based in the United States. Plus, the players themselves had problems depositing money into their accounts because banks were banned from transferring money coming from the United States to the online poker sites.
With the UIGEA in placed, many had expected players and gamblers to go back to land based casinos, but they did not. In fact, casinos in Las Vegas experienced a drop in their revenues as players as well as online casinos and online poker sites found a way around the bill via the different banking methods. The bill was not effective. On the contrary, online poker sites still boomed, and many more opened up online.
The ongoing online poker problems are far from over though. Just last month, the US Department of Justice accused three big online poker rooms of illegal gambling and bank fraud as well as money laundering. Again, one would think that American gamblers will rush to Las Vegas to get their fill of poker, but that is not what is going to happen as many players are still wary of spending too much just to play poker. They would rather find new means of playing online poker than spending a huge amount of money in Las Vegas.
So, what is in store for online poker and land based casinos?
The best solution for the ongoing online poker problems is to regulate it. Instead of prohibiting online poker, it should be regulated and taxed. Not only will this help boost the revenues of the states, but it will also protect the American players.
Right now, steps are being made towards a compromise. The State of California is continually holding hearings for online poker’s legalization, and the State of Nevada is nearing a compromise when it comes to online poker’s regulation.
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