Online Casino Business Booming
According to the United States government, the online casino is still not legal, and thus cannot be run from inside the US. However, this policy does not stop Wall Street firms from investing in online casinos. Blue Chip investment houses such as Merill Lynch, Fidelity and Goldman Sachs among others, hold hundreds of millions dollars worth of shares in online casino firms. The online casino, although not traded in the US Stock Market are publicly traded on the London Stock Exchange. The investments made by Wall Street into the online casino industry further stretches the gap between government policies and the business of online gambling.
It seems quite difficult to pose restrictions on a means that is in fact borderless. The online casino does not ask gamblers to go through passport control when they enter the gaming site. Nor are there restrictions regarding stock trading overseas, which is why the US cannot stop Wall Street from continuing their online casino exchanges. Although it seems that these investment companies are knowing supporting an illegal industry, one must consider that these big investment groups exist solely for the purpose of making money. They are not illegally bringing in the online casino industry to the US, they are simply in the money business, and the $12 billion dollar online casino industry means money.
The United States government could also be profiting quite substantially from the online casino if they would simply changed outdated laws like the 1961 Wire Act. Why limit the industry that was made popular by the US itself? Why outsource businesses that are making the majority of their profits from US-based players? The online casino world is expanding every year. It is predicted that by the end of 2006, it will be a business worth over $20 billion dollars. And yet the US continues to watch Wall Street profit and in essence sees very little coming into its never ending deficit.