Get ready for the games to begin online, the Justice Department overturned its long-time stance on online gambling. The Justice Department announced at the end of December that the majority of online gambling is now legal. This is in the form of non-sport gambling. Some limitation will still apply but at least this will give states a chance to raise money in other ways.
Many states are scrambling to start new gambling forms. In some states the first form of online gambling will start with the state lottery. This will help the state lottery grow. The lottery is already a multi-billion dollar industry but with citizens having the option to order lottery tickets online, this will only raise more money for states.
The second form of gambling will be online poker. This is huge for people who have a passion for poker. Almost a years ago, the Justice Department shutdown bro 138 poker sites such as Pokerstars.com and so on. Online poker could bring in millions of extra tax revenue for states. This time around the federal government or states could make up their own guidelines. The states that will rush to carry out this would be Nevada and New Jersey. These are two main casino states and they already has the resources and will to start the process of online poker.
Social networks could also tap into this booming market. Networks like Facebook, MySpace, Google+, etc could create an app for easy access to online gambling. Their software will put them in the prime spot to create users for online gambling. These social network already is linked with many business for easy access. Facebook IPO will really blow up if this is the case.
Then you have the mobile devices. In this country 150+ million people have a mobile phone or device. Talk about a market. With this many people will have access to online gambling the next step will be to protect these people from themselves. The last thing we need is people gambling away their life saving b/c of going all in on pocket threes. Just like alcohol, poker rehab program will me mandatory.
The move made by the Justice Department is huge for cash strapped states. This is a free country so letting people gambling online is a no-brainer. I’m sure after a few years the lobbyist who represent Wall Street will try to stop online gambling in the future. The more people gamble online, the less money that goes into the stock market. Unless Wall Street gets into online gambling, then we’re really in deep trouble