Hopes for Legalization of Online Poker in 2015 Reside in California
10 years ago
26 Dec
According to research of financial services firm Morgan Stanley, California will be the only state that will authorize online poker in 2015. Even though California has been striving toward regulation, the outcome is uncertain because legislation keeps falling short.
A new online poker bill was introduced by AssemblymanMike Gatto in early December. Major players in California's gaming industry don’t support the bill and they are concerned about how the proposal requires in-person registration on initial deposits.
Even though the state's online poker efforts have failed for some time, Gatto is claiming that his online poker bill is different than other proposals. His statements sound promising and the bill gives hope to Californians, but it is certain that the new online poker bill won’t be suitable for everyone, especially for the coalition of PokerStars, the Morongo Band of Mission Indians, the San Manuel Band of Mission Indians, Commerce Club, Hawaiian Gardens Casino and the Bicycle Casino, which criticized the new bill.
The new legislation would allow California tribes and cardrooms to operate online poker sites, but would also include a 'bad actor' clause that will keep PokerStars out of the market. Gatto's thoughts on the new bill are positive, even regarding the in-person registration requirement. The Assemblyman stated that it will help online poker in many ways, including appeasing those opposed to online poker.
This bill would require a registered player account to be established in person, and would also require that specified deposits into and withdrawals out of those accounts be made in person. In order to satisfy those in-person requirements, the bill would authorize a licensed operator to enter into an agreement for the operation of one or more satellite service centers, which would be authorized to act on behalf of, or in coordination with, the licensed operator in carrying out those in-person requirements." www.pokernewsdaily.com.;According to the study done by Academicon and PokerScout that analyzed the California market in 2009 and 2010, 178,300 online poker players generated $867 per year in revenue for offshore poker operators. Morgan Stanley predicts a bright future for California if the activity is legalized in 2015; it predicts that the California online poker market will reach $610 million by 2020.
According to the research of financial services firm Morgan Stanley, the US states that could legalize online poker in 2015 or 2016 are New York, Illinois and Pennsylvania, three states that have established land-based gaming industries. Colorado, Massachusetts and Iowa could legalize online poker the following year.
Comments
You need to be logged in to post a new comment