Current state of prohibition unlikely to last, these billionaire investors know
Regular readers know that the legalization of online gambling – poker, in particular – is a hobbyhorse of mine. Not only do I believe that it should be legal, regulated and taxed, I further believe that opposition to it boils down to paternalism that I find not only wrong-headed but downright offensive.
So I find interesting this Forbes story today that notes a marshaling of forces in support of online gambling by individuals who are accustomed to getting what they want:
The American land rush for Internet gambling is on and it’s being led by the richest people in the country in anticipation that a regulatory regime for online gambling is coming at either the federal or state level. The U.S. online gambling market has long been the world’s biggest, but for years it has operated in the shadows of the law and a disapproving Department of Justice. Prominent U.S. billionaires and casino companies stayed out of the business, leaving its riches for offshore companies like PokerStars, Full Tilt Poker and Bodog. But now the casino industry is strongly pushing to get Internet gambling regulation through Congress and lawmakers in states like Nevada and New Jersey are also trying to get something done. It is widely believed that first-mover advantage will be key in seizing the Internet if and when online gambling gets regulated, leading to a mad mobilization.
The U.S. Department of Justice has for the time being put the kibosh on the offshore outfits that had been operating here, with a few of them facing criminal investigations.
However, what the moneyed interests are betting is that prohibition cannot and will not be the end of the story.
And it’s only a matter of time before they’re proven correct.
