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This is where online gaming comes in. It’s a nice handy compliment for land based casino gaming that lets you have your entertainment conveniently (and cheaply if you want) and also give you a comfortable place to bone up your skills for that big day that they get launched in public at a real Casino. I want to particularly focus on the “feeder system” concept of online gaming’s relationship with Casino gaming. When I was first old enough to gamble (legally) I went to Vegas, sat at a Black Jack table and proceeded to lose all my money…well not all. I had noticed that the guy next to me had slipped the dealer a chip when leaving the table. So I quit when I had only enough to pay the table “tip”. After I did this and was walking away a more seasoned casino regular leaned over and told me nobody tips the dealer when they are losing big like I just did. I got kind of red faced and as usual ended up laughing at myself, but the point was made and I never did that again.

In today’s world you can find websites that will teach you everything you need to know about operating in a land based casino, most importantly how to play the games so you don’t just dump all your money on the table like I did. That is the role of online gaming, constantly educating a new flood of players who will eventually graduate to the sensory enhanced experience of a land based Casino. My prediction is that eventually most of the major brands will be doing both…some online and some land based. The big brands in both spaces will evolve into the other in one way or another and brand strength, product and service will carry the day. Its going to be an exciting ride from here to there.

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CNBC reporter Melissa Francis takes viewers inside the booming and mainstream online gambling business and interviews sports bookmakers, professional gambler “Vegas Runner”, and Jay Cohen, the the first American prosecuted for running an online sportsbook operation.

The program will also cover the hot debate over the legalization of online gambling in the US which is a topic that has gained traction in Washington, DC. CNBC speaks with pro-regulation congressman Jim McDermott and anti-regulation congressman Bob Goodlatte, author of the UIGEA, to find out more about the debate.

Now this should get interesting. Read more.

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The plcok is ineffective

A former IRS agent who specialized in detecting money laundering has told US Representatives that the online gambling payment ban is lacking proper regulatory structure. Read more.

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Additionally, many online gambling companies and online poker sites have a 24 hour security department monitoring play to prevent against the unauthorized access to player’s accounts, fraudulent accounts, and collusion in the poker rooms. For many it’s not yet a perfected system, but it’s definitely a start, because the gaming environment appears to be changing right before our eyes, and those that don’t keep up, could get left in the dust.

Just taking a look at what is being debated in the House Financial Committee proceedings and taking arguments from both sides into account; you begin to see a trend. Many of us are all too familiar with the main arguments against the legalization and regulation of online gambling. But during the hearings, a refreshing and statistically backed rebuttal came from Parry Aftab, the executive director of Wired Safety. Wired Safety was recently commissioned to conduct its report on the online gambling industry. It’s results in my mind, just confirmed what people in the gambling industry have known for years.

Basically, Parry Aftab explained that:

“Without regulations to handle underage gambling, addictive gambling, fraud, collusion, malware and malicious code, privacy and data protection, criminal involvement, disputes and online security threats, consumers and families are on their own”.

Aftab went on to make the critical observation that  the US already faces all of the social costs the gambling opposition fears, except without the benefits of control and regulation and of course, consumer protection.

At some point it just appears that common sense will suggest regulation of online gambling. Regulation will do many things, namely weed out organizations that are not prepared for it; by that, I mean, organizations that do not have stringent security and regulatory protocols already in place for their clients.

If regulation ever happens, no one wants to get caught with their pants down. The organizations that already have a detailed and effective implemented security and regulatory system already in place won’t have to worry about an interruption of their services. If regulation were to happen, it would be reasonable to expect that there would be a governing body put in charge to review and inspect online gambling companies, before issuance of a license to operate in the US. It will be interesting to see what the requirements would be in that case, but given the current concerns, if the US licensing were a buffet line… Online gambling companies with consumer protective, fraud preventive and money laundering detection and prevention techniques already in place; these companies should and will likely have first dibs.

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Good luck with that. That’s a big fucking IF.

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The move to delay the bill comes on the heels of several objections from lawmakers across the United States and resistance from the World Trade Organization, which labeled the law as an unfair trade restriction. Perhaps the biggest question is, “Where do we go from here”? While the answers to that question remain to be seen, the move to delay the bill allows inferences to be made regarding the future of the online gambling environment in the United States. Coincidently, it was reported in an article in www.thisismoney.co.uk, that a bidding war is underway for the UK National Lottery operator Camelot. According to the article, bidders have been spurred by the notion that Camelot possesses considerable expansion potential to overseas markets. Given the current state of affairs and the apparent change in the hardlined stance against online gambling, it certainly has become a real possibility for overseas organizations to begin staking claims in the now friendlier U.S market.

Although the law has not yet been amended, it does appear that change is inevitable. Just how extensive that change may be is not yet clear. New Jersey lawmaker Robert Menendez has proposed legislation to regulate online poker, something poker enthusiasts have lobbied for many years, but now may be closer to than ever before.

The issue regarding deposits and payouts and financial institutions is another factor that is immediately affected by the decision to delay the bill. With financial institutions no longer on the hook to scrutinize transactions online gamblers are getting flashbacks of the “good o’l days”.

The move to delay the bill illustrates the recognition on the part of U.S agencies that the current stance on online gambling requires careful review. Online gambling organizations and online gamblers alike, get a breath of fresh air in the meantime because one thing is for sure… Legalized gambling is now closer than ever before to becoming a reality in the United States as it is many areas of the world. Online gambling companies that were once forced to pull out of the U.S market could be making a return and we might just see others looking to stake their market share in the next six months as well.

US representative and known adversary to the Unlawful Online Gambling Enactment Law, Barney Frank, had vowed that he would fight to overturn what he considered an ill advised law.

Nothing to brush your shoulders off about, but so far so good Barney, where we go from here, only time will tell. In the meantime, it’s play on players.

To view the article in thisismoney click here.

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