
Well we mentioned briefly the other day that the Wire Act had been officially reinterpreted to specifically relate to sports betting online and not game playing. After a few years of political pressure combined with a dire need for money across the states, it seems baby step one for a federally organized online gaming industry has been taken.
Since the economy took a plunge back in 2008 states have been scrambling to save money. There have been rolling black outs,canceling public programs and funding and basically looking to cut corners across the board. A state based online gambling system, eventually back by federal mandate, could ostensibly boost a state economy and provide sustainable new growth.
Besides the fact that online casinos will provide a place for state residents to spend their money it will provide a number of new jobs in related industries. If new websites are about to spring up across the country those new sites need web designers, computer programmers, app developers and content writers to sustain them. There needs to be publicist, marketing departments and accountants; not to mention lawyers, underwriters and policy makers. Job creation would be almost instantaneous.
But of course we are still in the possibilities stage with the Wire Act interpretation. There has been no official ruling or report regarding the relationship between online poker gambling and the Wire Act. The recent ruling regarding sports betting being different from state based lotteries is just the opening of a door. It is something that online poker proponent can build upon in the coming year.
We'll see which states begin work on their own online gaming policies in the coming month. I'm sure a large majority will finally see the light and boost their local economy.