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Vegas Hedges its Bets on Internet Gambling

“The reality is that Nevada is still very much restricted by Federal laws.

“…Last year, Nevada state legislature passed an enabling bill to put in place internet gambling if federal laws were to change. However, that legislation was not mandatory and had no timetable attached.

“…Nevada has traditionally been the most forward thinking state on issues of gambling regulation. It is believed that where it goes, others - particularly more cash strapped states looking to raise revenues - will follow.

“But the decision by the gaming board signals that the state will not be letting internet gaming companies set up in Nevada and take bets from the world for some time yet.

“…But the threat of federal sanctions has deterred well known US gaming corporations such as MGM Mirage, Mandalay Resort Group and Harrah's Entertainment from becoming involved in the market. This has left US internet gamblers to spend money with offshore operators.

“…`If a 16-year-old gambles away his family's income from a state where public policy flat out forbids it, then there will be a political backlash against us,’ cautions Scott Scherer, a member of the Nevada State Gaming Control Board.

“…Mr Scherer believes that interactive gaming still has to clear several hurdles before it can be legalised, particularly on issues of security and age and border control.

“…Mark Falcone, managing director of Deutsche Bank in New York and gaming industry analyst, believes the Nevada move is unfortunate…”

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