Debate finds legalization 'Inevitable'.
The legalization of gambling was the subject of a television debate on US Network CNBC this week.
'Closing Bell' included Analysts Andrew Parmentire of Height Analytics and David Katz from Oppenheimer's gaming division. Both were of the opinion that the legalization of online gaming was inevitable.
Move into the Mainstream
The fact that gambling legalization is starting to gain air time
is indicative of its gradual move into the mainstream. The debate is topical
and took place at a point in time when the legal status of online gambling is
about to be determined.
The Unlawful Internet Gambling Enforcement Act (UIGEA) is due to become law from December 1. However, its path is not running smoothly and there is a lobby to both delay and repeal this legislation, as well as to push it through.
Financial Repercussions
The pro gambling lobby has taken heart that Barney Frank, House
Financial Services Committee Chairman, is currently trying to stall the
ill-conceived UIGEA Act in a bid to repeal it
and instigate regulated, legalized gambling in the US.
One of the pressure points cited by pro gamers is that billions of pounds of lost revenue could be channeled into the dwindling reserves of Government coffers, should the industry gain legal status.
All eyes are now on December 1 to see which way the industry is headed.
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