Las Vegas Sands Corp.'s stock surged on Monday after the company announced that they had reached a deal to launch an online casino and poker Web site, aiming for the UK market.
This is big news, because if the company can construct a web site and maintain some sort of control over who is playing (ie restricting minors from playing, identifying problem gamblers and blocking them, etc.), then this would be a big first step in possibly legalizing online gambling in the US, or at the very least, reversing the online gambling ban that was shadily passed at the end of the legislative session.
If big-name casinos want to get in on the action, this is great news for the average poker player living in the US. Casinos have a huge amount of money to throw at any potential legislation, and tremendous clout. With them on our side, we have a much better chance at getting this legislation overturned. Online gambling is legal in the UK, so why can't it be legal in the USA. This is a big first step towards enacting that change.
Morgan Stanley analyst Celeste Mellet Brown seems to think that this is exactly what is going on, as she said that if the company can put socially responsible policies in place, then this would be a strong argument for legislation legalizing online gambling.
In my opinion, the wheels are in motion. In my opinion, the current ban against online gambling will not exist in 24 months, maybe even a year.
Filed Under: Poker Legislation