LAS VEGAS (AP) — A man who pleaded guilty to operating an illegal online poker site that accepted the digital currency bitcoin is due for sentencing in a case that Nevada officials called a first-of-its kind.
Nevada is officially wagering on online gambling, and approved the nation's first legal cash online poker website. Right now, online gambling sites must partner with casinos. As the industry expands, how will it change the casino business? And what are some of the obstacles that still stand in the way of online gambling companies? Two experts will explain the business of gambling, and what might happen as it moves online.
This year, the Nevada Legislature rejected overtures from foreign online poker sites to allow them to operate inside Nevada. Instead, the lawmakers decided to set up a legal framework for Internet card games when the federal government does legalize the activity.
The American Gaming Association has decided to put its chips on online poker. While the issues have been around for a number of years, the peak gaming lobby has stayed on the sidelines. Now, the group will lobby for stronger regulation to ensure that what the AGA calls "the Wild West" is cleaned up and made safe for Internet gamblers.
Major online poker sites have been in a state of siege since the federal government charged them with a host of banking and money laundering offenses. They were charged with violating the prohibition on using US banks to transfer money for online poker. The companies had set up fake Web sites to handle the money, the government says.
Now FullTilt Poker has lost its license in the small British jurisdiction of Alderney. So what's the future for online poker? And will it hurt the World Series of Poker?
The House Financial Services Committee recently approved the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 which would essentially let Internet Gambling operators take online bets in the U.S.