ok, what happens after LV approves internet gaming?

The Major · 01-04-2002, 05:42 PM

January 03, 2002

LAS VEGAS (AP) - The City Council has taken a cautious step toward making Las Vegas the first U.S. city to license and regulate Internet gambling.

Citing the need for new revenue, the council voted 6-1 Wednesday to study the issue.

"We would be derelict not to explore it," Mayor Oscar Goodman said.

The move could one day allow Internet gambling sites to use the city's name and its seal as part of their marketing efforts. So far, three companies have expressed interest.

The council directed the city manager and city attorney's office to research whether such a partnership would be legal and to consult with state officials about whether it's feasible.

The staff is expected to report to the City Council within 30 days.

Although the federal government considers Internet gaming to be illegal, Nevada is working on regulations that would let it become the first state to allow Internet gambling and capture some of the estimated $2.2 billion wagered worldwide over the Internet in 2000.

That figure is expected to exceed $6 billion in 2003, according to Christiansen Capital Advisors, which studies the industry.

A law passed in June authorized Nevada gambling regulators to craft rules allowing state casino operators to also operate Internet casinos, providing key conditions were met. The commission must decide that Nevada-based Internet casinos comply with all applicable federal and state laws.

Dennis Neilander, chairman of the Gaming Control Board, has expressed reservations about such a partnership, citing the potential for scandal if such a site could be accessed by children or other unauthorized users.

But others argue that Internet gambling is inevitable and that the only question remaining is how it will be regulated.

"The mayor senses that the ship is leaving, and he wants to be on it," said Scott Frost, chairman of the Technology Business Alliance of Nevada, a nonprofit organization that has approached the city about helping set up a regulatory framework. "Nevada has a chance to lead the regulation of a pristine gaming environment."

Frost said he supports the mayor's efforts, but doesn't think the city would generate as much revenue as it hopes.

"They could make a substantial amount of money, but it's not billions," Frost said.

Another possible obstacle could come from the gaming industry, which has frowned on new competition. Goodman acknowledged that without the support from existing "bricks and mortar" casinos, the city's cyberspace venture probably would be doomed.

"We understand the power of the gaming industry," he said. "And unless they also buy in, the odds of us succeeding would be severely diminished."

Trujillo · 01-04-2002, 10:26 PM

I have an answer to your question Russ, and as sarcastic as it may seem you know it is a possibility.

After they approve the igaming for only in-state people it will be virtually impossible to bet it anyway. The limits will be 300 per game per ip address per day and a total of 2200 per day at that casino.

They will also have to have your home address and if you give them a po box then they will say "no, we need to know exactly where you live" so that they can turn you in for gambling out of state with their competitors.

When they kick the door in and you have 10 inet accounts offshore and you have 5 with Vegas casinos they will say that you illegally obtained that money by betting offshore which would entitle them to seize all of your money in your accounts and also your home and your car and your kids (and your wife if you are lucky).

They will NOT charge you with violating 1084 but they WILL charge you with money laundering on a state level so that the feds can't get their paws on the case because we all know how much Vegas hates having the feds involved in THEIR business.

After waiting for 5 years of your lawyer bullshitting with theirs then you get to get 50% of your money back and a gross misdemeanor for money laundering because for you to get the whole amount back you would have to go to trial and that would be economically insane to spend 50000 to get back the 25000 they took from you so you have to take the deal, if thats what you call it.

In the end the offshore industry will get stronger, for all of the people in Nevada who do NOT currently gamble offshore via internet will become so frustrated with the way it works there that they will be forced to send Wsex their money and it is better off there anyway because they get 3% per year on their avg daily balance.

Hope this answers your question. You can't make this stuff up either...

KingOfTheSquares · 01-04-2002, 10:26 PM

...humph....

OK, where are those guys who said I was smoking "dickweed" when I said (last year) that Vegas was going to get on the internet casino wagon?

yomonte · 01-04-2002, 10:36 PM

The money will be taxable and Vegas does'nt offer what I am best at, Nascar qual. [img]smile.gif[/img]

The Angry 'Burgher · 01-04-2002, 10:59 PM

Hold on...all I have to do is have some Offshore outs and the Gaming Board will take my wife?

Minimum post up places, please!

Grandfather · 01-04-2002, 11:25 PM

I have 2 "closed loops" accounts in Vegas now for sports. If the casinos run their games on-line anywhere near as bad as Stations and Coast Resorts run the sports wagering, nobody has a thing to fear.
This is the blind leading the blind here.

BINGO · 01-04-2002, 11:32 PM

What happens if LV approves internet gaming?

1.) You could say goodbye to watchdog sites.
2.) More bonuses to attract offshore bettors.
3.) Lots of offshore shops will shut down. Well, not really since some of the offshore shops are currently back-up by LV anyways.

The Angry 'Burgher · 01-04-2002, 11:33 PM

GF,

Haven't looked into the Suncoast, since this whole pager crap has made me irritated with the phone system, etc, but I did here on the computer system the lines were infrequently updated.

Any opinion on this?

Grandfather · 01-05-2002, 12:03 AM

Coast is pretty tight lipped, but what I can get out of them is their system isn't even run by them....I heard but can't confirm it's being done in California and I have no frickin' idea how that can legal.
You heard right about updates, but keep it kinda quiet...many opportunities arise. I myself only play 1/3 limits not to draw attention to it, but I figure someone will spoil it.
But if you engage with them be ready for inconsistantcy. 1 day you get Money Lines..the next you don't etc. Also when going to a sport...example baskets, you get the next days closed matchups and have to make another click on today's games. It's really a Mickey Mouse setup.

And of course with "Artie" running the Stations....well nuff said about any value there.

Railbird · 01-05-2002, 12:16 AM

Vegas,

traffic jams, obese northeast transplants, and countless chainsmokers.

Grandfather · 01-05-2002, 12:20 AM

I resent that remark!!!!
We're not all from the northeast.
"Obese MIDWEST transplants"....There...now I feel better.

The Angry 'Burgher · 01-05-2002, 12:26 AM

Brings the question/debate....where does a Pittsburgh, Pa transplant fall?

(we usually claim NE..Ohio starts MW)

Thanks for your opinions GF.

Conrad · 01-05-2002, 12:29 AM

Supposing that Vegas books get on the net, why should they be any better than offshore outs?

From what I've read on the forum, people seems to be very critical of Vegas sportsbooks. One person didn't even get his money back.

Pete K · 01-05-2002, 12:31 AM

I spoke with some gaming agents recently and they indicated to me, this is not too imminent. Don't hold your breath.

Yes, it will probably come and I agree with an earlier post that the limits will be unplayable (small) at first, but sooner or later, Nevada will step in the fray.

Why the hesitation and posturing? Security of course and the headaches of the politics. Remember, once they shape a guideline to allow all of this, there will be a ton of people to exploit and bend the rules anyway they can. We all know that. There's a lot to cover before they release the hounds onto the internet.

Pete K.

01-05-2002, 12:43 AM

Vegas sportsbetting is now a complete joke. Why should it be any different if and when Vegas books go on the Internet? The corporate empty-suits who run Vegas are absolutely pathetic.

The Angry 'Burgher · 01-05-2002, 01:10 AM

Well, according to the news tonight, we need to raise money to change the city seal.

Sooner, or later, someone will wake up to the fact that sports betting is an untapped resource that can be worked....probably better than gin, rap music, and minor league stadiums...I just won't hold my breath.

Fishhead · 01-05-2002, 05:02 AM

I worked in the VEGAS BUSINESS for 8 years. It is a JOKE. Some people in suits directly behind the counter do not know the difference between a spread and a moneyline........or a puck and baseball for that matter. You want action.....go offshore or rot.

MarkDel · 01-05-2002, 05:58 AM

Everyone should just read Trujillo's post about this near the top of the thread. His post isn't 100% accurate...it's 1 MILLION PERCENT ACCURATE.

The Major · 01-05-2002, 11:29 AM

Trujillo, my sentiments exactly. The legalization of internet sportsbetting in Nevada would only boost the offshore industry. If it can be f u c k e d up, Nevada Gaming can do it. The line on it is so steep it is off the board.

Running their online casinos is quite another thing. I think they will do that very very well and essentialy put the offshore casinos out of business. They will be regulated so that "what they say is what they pay" etc. People will feel more comfortable playing with MGM or Caesar's.

The Major