Then the Bush Administration put the Unlawful Internet Gambling Enforcement Act (UIGEA) into effect, many in the online casino industry considered the United States a lost cause. It was doomed they claimed. Stock stakes were sold for way less than they were bought with and everyone assumed that would be the end of it for US players.
But with the recession hitting the US pretty hard, state governments are left trying to fill in the gaps in their state budgets. Otherwise programs and education will suffer, and state employees could be laid off, further contributing to a harsh economy.
So what is a state to do?
Many are beginning to turn their heads towards online gambling whereas a few years ago many were turning their noses up at it.
And the online gambling industry is beginning to look at America with happy eyes as states consider opening their online gambling markets back up. UIGEA it seems did give the states the option to take matters into their own hands.
Playtech is near the front of those in the online gambling industry eyeing the US. They have made a deal with Scientific Games Corporation. The deal was viewed as a positive response on Playtech’s part that the US gambling market may very well open up. As a result Playtech’s rose 11% this past Thursday when the deal was announced.
While short term effects will most likely be minimal, the long term looks good if the US unthaws its anti-online gambling ways. And with revenue greatly needed by the states, Playtech has positioned themselves very near the front for when states open their gambling markets.
Tags: Legalizing Online Gambling, online slots, Playtech, UIGEA