Two years ago when Mirage Resorts executive – Richard Bronson founded the U.S. Digital Gaming co, he had already come to the conclusion that online gambling would be the next massive wave of growth for the casino industry. We would say he was a bit behind the times; this fact was already a sure-thing in the UK and for offshore European licensing jurisdictions. The only thing that the US was lacking was legislation and regulation, and they are way behind the times, having been shackled with UIGEA.
Nevertheless this software and advertising service, ostensibly for gaming operators as well as Government agencies; was founded in the belief that a regulated industry would eventually come to pass. It is no secret that cash-strapped US states have been looking at the online gambling industry as a means to ending their ‘cash-strapped-ness’. However, experts are of the opinion that online gambling, and in particular poker, will only be effective as a nationwide cash-cow if it is regulated on a Federal level.
That having been said, when Bronson was looking to raise funds for his venture, he found that some very big US billionaires were keen to bet on this business. He went on to sign up billionaires such as Steven Roth, Herbert Simon, Robert and William Taubman, and we have also seen recent keen-interest shown by none other than Donald Trump. The US race for online gambling is on, and it appears that more than a few billionaires believe this will not be a sprint, it will be a marathon, and they are not alone in their thinking.
The US online gambling marketplace is believed to possibly be one of the richest mother-lodes in the world. This could be the reason why the US Government has been guarding it so jealously, but the time is now ripe to give it free-reign if they are to see at least a share in some of its revenue generating potential.Written by Neha A