Upheaval For Online Gambling In The U.S.?
Added: June 29, 2015
Possibly so. And more to the point, as you will soon see from this article, this time it could turn out to be the proverbial straw that broke the camel’s back. As you undoubtedly already know, the city of Las Vegas located in the western state of Nevada is considered to be the defacto center of casino action in the United States. Sure there are other states such as New Jersey with both land based and online casinos. Yet, the fact of the matter is that many continue to look to Las Vegas as a leader in the world of gambling.
With that in mind, what is going over in Las Vegas has many onle gambling observers paying close attention. Here’s what this is all about: what’s next? Or to be more precise, what is going to be next for the world of sports betting, especially online sports bets. At a time when even land based casinos are battling it out market share not to mention the new competition from online casinos from around the world it is not surprising that there is a strong motivation to find new revenue sources.
Of course you would have to been living in a cave high up in the mountains over the last few years to have missed the incredible rise of sports betting. Now throw in the even more popular and seemingly growing by the hour rise of fantasy sports betting, and you have a sense of what this is all about.
As you might have seen over the last few weeks or so there is pending legislation in Nevada that aims to set up legalized sports betting. The interesting thing to note about the proposed legislation is that it seems to be a clear attempt to essentially tread in the grey area. You may be aware that as of this writing, there is actually federal legislation in place that specifically prohibits online sports betting.
Yet, the bill making it’s way through the Nevada legislature aims to get around this restriction by creating a unique work around. It is based on something like the following: there will be newly authorized private betting groups. “Investors” in these private betting groups can then participate in the wins and losses that this private betting groups experiences with sports bets. The workaround is that the investor cannot actually make an individual sports bet. Instead, the members of this private betting group are something like a shareholder in the sports betting group.
Sure, it most definitely sounds a bit unusual when you first read about it. Yet at the same time, you have to give them credit for coming up with such a creative workaround. Now the question is what effect this will have on possible federal online gambling legislation?