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Richest Casino Exec Says No to Online Gambling

Sheldon Adelson

The world’s richest casino executive, Sheldon Adelson, may oppose the legalization and regulation of online poker, but it is evident that the AGA and other industry leaders are still pushing for legislation that supports the rights of U.S. online poker players. It looks as though the gambling industry’s “Mr. Burns” won’t be able to slow this train.

Caesars Entertainment Corp. and MGM Resorts International, among others, have backed an industry push to legalize online poker and let established casinos offer it in the United States. Poker has been illegal online for real money since a 2006 law prevented financial institutions from processing funds for most online wagering.

 

The casino industry has never had consensus on what it wants, but its top lobby has moved from a neutral stance to actively pursuing federal legislation that would allow for legalization and regulation of online poker.

 

Adelson told Frank Fahrenkopf, CEO of the AGA that he will oppose legislation to legalize online poker in the United States.

 

“Sheldon has long had concerns about this issue, and it is perfectly within his right to make this decision,” Fahrenkopf said in a statement. “However, the AGA, at the direction of our board of directors, will continue to support federal legislation to allow states to license and regulate online poker.”

 

Mr. BurnsAdelson’s stated reason for his non-support of online gambling has been one of concern over technology that is not sufficient in preventing under aged gamblers from placing illegal bets. Some might argue that a potentially lighter wallet may be the real reason.

 

Regardless of Adelson’s position and power in the industry, expect a strong push in the coming months for the regulation of online poker in the states. $6 Billion annually is too much for any industry to let fall by the wayside.

 

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Posted by on Dec 15 2011. Filed under Poker Legal News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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