Gary Loveman, the chief executive officer of Caesars Entertainment Corp., has written an article voicing his opinions regarding the plight of the online poker industry in the US, following the recent confiscation of 3 domain names belonging to major online poker rooms Absolute Poker, PokerStars and Full Tilt Poker.
Highlighting that regulating the online poker industry is the need of the hour in the US, Loveman says that the recent indictments will certainly not reduce the number of Americans who play real money poker online. In fact, a large number of online poker sites offshore welcomed US players and even offered special bonuses shortly after Full Tilt, PokerStars, and Absolute withdrew from the US market. Loveman opines that America should grab this incident as an opportunity to legalize and regulate online poker and allow it to flourish, generate jobs for countless Americans, and fund state coffers.
Noting that online poker is very much alive in the US, Loveman speaks of how regulation of US online poker is the most sensible move to make. He argues that the US will greatly benefit from a regulated online poker industry because it would protect players from unscrupulous offshore online poker providers that function without proper licenses. All the bills introduced in the US Congress in a bid to regulate the online poker industry in the past have been unsuccessful, and all hopes are now pinned on HR 1174, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act, which is yet to be approved.
Following the recent confiscation of the 3 poker rooms, two major enterprises related to online gambling severed all relationships with them. Wynn Resorts, which had gotten into a strategic alliance with PokerStars recently, called off the deal; and Station Casinos, which was about to get into a deal with Full Tilt Poker and press for a regulated online poker industry in the US, decided not to make the move.
Loveman expressed his opinions after the recent moves made by the DOJ forced Station Casinos and Wynn Resorts to severe ties that might have led to regulated US online poker. He is the first to comment on the online poker industry after Black Friday, the day on which the US Department of Justice (DOJ) seized the domains of the 3 online poker rooms and indicted 11 people associated with these poker rooms of money laundering and bank fraud.