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States May Legalize Online Gambling on Their Own

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    FBN's Peter Barnes on states considering legalizing online gambling.

  • Duration 3:46
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-- -- -- lady online but only if it's legal congress roll the dice to debate whether or not online gambling is a good bet for the government Peter Barnes joining us now have about -- to Peter who stands to benefit.

From legalizing online gambling.

Well obviously brick and mortar casinos -- which up until today have opposed online gaming but today the American Gaming Association.

At this hearing on Capitol Hill announced its support for taking the very first step towards legalizing online gambling starting only.

Only -- it online poker licensed by the states the industry estimates that despite the federal ban on online gambling in 2006.

Ten to fifteen million Americans gamble billions of dollars online mainly through offshore web sites that's a big market.

OK so how much revenue could this for again an and I'm assuming we're talking about tax revenue here -- Yeah that's right -- estimates range from -- estimates range from a billion to four billion dollars a year in potential federal tax revenues which makes this.

And attractive.

Jackpot.

Sorry and had to do that -- lawmakers don't.

-- for lawmakers scrambling to find revenues to help shrink the deficit also that so it's giving legislation some traction.

What -- -- I'm I'm curious what opponents say about this because -- -- Peter was bringing this up in the commercial break bit and he was using outlook Indian casinos.

Are gonna be very opposed to this some money if they -- otherwise they'll Lucianne.

Yeah what other actually they're they're part of -- care of the brick and mortar casino casino industry that is now supporting this.

But casinos themselves they remain concerned about fraud money laundering young people gambling online gambling addiction.

And are some lawmakers who still worry about this on moral grounds they say that you know gambling casinos or in cyberspace is just plain and moral.

OK well Jim from a stock perspective though is somebody like an MGM who who does supported are they gonna gain.

Market share from something like this is are possible -- And there's every there's a -- and -- and obviously -- -- do it -- you might be less likely let's say two to travel but I think what I believe what -- -- folks are recognizing is Americans are.

Gambling online in massive numbers and without a change.

In the way we do it here -- onshore this is -- unregulated and the money is clearly just not benefiting and the US so -- -- And I tell Bob we're looking at the because -- -- names if you look at wed in particular they you know they put -- much of their of their jackpots get it -- patents that cutbacks at W but they're putting so much money into China because the gambling is so intense that what's different about -- particular is that.

It's just rate.

Gambling it's not about the -- not about the alcohol -- that we are hardcore gamblers over there yeah so there's more that America.

And they vet that gives them good experience with this sort of a platform where they're not giving you all the ancillary services.

You know I'd also look at some of the gaming technology companies like a Bally or an International Game Technology W and that's.

They've all tried to go to -- -- based platforms on the casino -- But it's been a very slow introduction because -- casinos simply aren't spending on infrastructure right now.

But they be set up so you have a WMS industries.

Would you be at least to introduce -- Internet based platform the you could use from your home and would be a boon for that.

You know Peter last or do you do you think that Washington has finally accepted the people are gonna do things like gambling and that -- and it either they're gonna have to get on.

Border or shut up about it at this point.

-- absolutely and and so way if everybody's going to be doing it ten to fifteen million people.

Regulated try to control it and and give the states the power to decide whether they want to do it -- not.

Nothing -- -- -- hey why not Peter Barnes thank you very much Peter Barnes otherwise and while I.

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