written by reader Online Gambling?

By Anonymous Questions, February 27, 2013

New Jersey just OK’ed online gambling. Nevada will soon go full tilt, as well. As my state (Maryland) is doing every thing legal to compete with casinos in West Virginia, I believe that over the next few years, most states that currently allow lotteries and gambling will not want to fall behind their neighboring states in rolling out a version of this new online moneymaker. Please tell us which companies (ZNGA?) will stand to benefit from this new rush for revenue. Thanks.

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Travis Johnson, Stock Gumshoe

I did see the WSJ article on this ( http://online.wsj.com/article/SB10001424127887323884304578328293465612224.html ), but don’t know a lot about it otherwise — I personally think it’s unlikely to be a windfall for anyone in the near future.

I actually I think almost all the US casino companies, with the possible exception of Las Vegas destination casinos, are using faulty logic in estimating their possible earnings as more and more states legalize gambling. Maybe not as faulty as the logic being used by legislators in those states, but certainly optimistic. The two major Connecticut casinos are hurting even without local competition having come in from Massachusetts yet, because there continue to be more and more competing casinos for regional players, and that’s after those casinos and the Pennsylvania ones have effectively decimated the Atlantic City casino business. There’s only so much gambling money to go around, even in the densely populated Northeast. We will have a casino somewhere within an hour or so of Gumshoe Mountain here in Western MA at some point in the next couple years, and my guess is that it will end up being smaller and less profitable than the big resorts they advertise, whether or not internet gambling is legalized more thoroughly.

Zynga may well end up being a player, they’re trying to build that business in Europe it sounds like, but I think we’re in the early days of finding out if there are going to be a couple of big Atlantic City or Nevada companies that dominate internet gaming or if it will be a free for all as more states open it up. IGT, the big slot machine company, does have a license to provide online gaming services in Nevada so they could possibly get in fairly early and the stock isn’t terribly expensive. I still feel more confident in the gambling hotbeds in the Far East than I do with the very disjointed US gambling business, but I don’t own any gambling stocks personally. Hopefully other folks will chime in for you as well.

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Matt
7 years ago

Online gambling is a good thing.

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Adolph Cellini
Adolph Cellini
7 years ago

Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009.In other forms, gambling can be conducted with materials which have a value, but are not real money. For example, players of marbles games might wager marbles, and likewise games of Pogs or Magic: The Gathering can be played with the collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a meta-game regarding the value of a player’s collection of pieces.`-

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