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Seems Like Sheldon Adelson is Winning

Seems Like Sheldon Adelson is Winning

Sheldon Adelson, the casino magnate who has built his empire through land based casinos, is slowly winning each battle he can against online gambling.

Seems Like Sheldon Adelson is Winning

Adelson has not won the war, but he is winning one battle at a time against online gambling.

A year ago, Adelson made it clear that he would spend whatever it takes to stop online gambling, despite standing alone and against an entire united industry.

Less than a year later it seems others are starting to jump the fence to his side. In the fall of 2013, the states of New Jersey, Delaware and Nevada officially launched regulated online gambling, and everyone waited with baited breath for the dollars to roll in.
A year ago, Chris Christie, New Jersey Governor predicted the state would see around $180 million in taxes, but according to Bloomberg’s News, they will be lucky to hit $12 million.

California, which was planning to legalize online gambling, seems to be stalling and things are derailing daily with competing interests of tribal casinos.The Morongo tribe has partnered with PokerStars who settled their civil charges for continuing to operate after UIGEA came into effect in 2006.

While Adelson slowly builds his supporters, he is not entirely responsible for all the delays and setbacks. His efforts, however, are sparking more public debate over issues such as cheating, gambling addiction and underage gambling.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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