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MGM to Receive Nevada Online Gaming License

According to the CEO of MGM Resorts International the company should receive an online gaming license from Nevada regulators later this week.

According to the CEO of MGM Resorts International the company should receive an online gaming license from Nevada regulators later this week.

The license will take MGM one step closer to entering the online market which is expected to be worth $10 billion a year by 2017.

Nevada, Delaware and New Jersey have all moved towards online gambling after the US DoJ declared that only online betting on sports was unlawful.

The announcement has enabled states to legalise some online gambling such as lotteries and poker.

Jim Murren, MGM CEO, said that states crafting “their own legislation and legal frameworks but are talking with other states in anticipation of compacting with multiple states.” Murren will be hoping for federal legislation on the issue as it would lead to a larger and more uniform market.

However, it seems that federal legislation will not be passed this year.

A proposed online gambling measure backed by Harry Reid and Jon Kyl would require very fast action in the post-election congressional session in order to pass.

Murren said that he believes states need to compact with one another “to create a more viable business model” as an individual state “going on its own presents an economic challenge, particularly in a small state like Nevada.”

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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