Internet Gambling: The Return

 Internet Gambling Returns

CHAD PASTERNACK -- 2006 saw the Unlawful Internet Gambling Enforcement Act ("UIGEA") take the online gaming industry by storm. This law made gambling on games of chance illegal. Online poker was legalized in the United States under the terms of the statute. It prohibits games that are predominantly subject to chance and does not require skill.


Many people were puzzled by the UIGEA, which highlighted the differences between games that are skillful and games that are more chance-based. The UIGEA ended poker and blackjack, but fantasy football betting continued to thrive. It is the small difference in skill and chance that makes one illegal or legal and frustrates many online gamblers.


Online gambling is making a comeback, much to the delight and dismay of many Internet gamers. Online gambling, including poker, has been legalized by three states, Nevada, Delaware and New Jersey. Since November 26, 2013, the NJ law allowing online gambling was in effect, more than 125,000 accounts have been opened. To avoid violating federal laws, online gambling legalized in a state is available only to residents and visitors.


The emphasis is now shifting from changing law at the federal level to a state by state approach. Although it takes longer to achieve success, this grassroots movement is more likely. It is particularly hopeful now that three of world's most wealthy hedge fund managers have placed bets about online gaming success. Leon Cooperman, George Soros, John Paulson and George Soros quietly became major shareholders of Caesars Acquisition Co.


But, winning support in states that have large populations and economies is the key to success. California, for instance, is not being supported by its residents. Instead, the Indian tribes are strongly opposed. They have a lot of wealth from their brick and mortar casinos, which gives them a great deal of influence in state politics. The opposition shows that gambling is highly sought after. Legalizing online gaming would only bring in tax revenue for the state.


As online gambling grows in popularity in New Jersey, Delaware and Nevada, the revenue streams to each state's coffers continue to grow. Other states will follow their example. The Poker Players Alliance has formed groups to advocate for the improvement of our nation's online gaming laws. Even though online gaming's future is uncertain, every additional state that allows online gambling is a win for both poker enthusiasts and online gamblers. Is Online Poker Legal Than You Think?

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