Seeking Alpha
Seeking Alpha Portfolio App for iPad
Finance
(1)
Market Currents

Senators have given up on pushing through an online poker bill before the end of the year after...

  • Saturday, December 15, 2012, 12:00 PM ET
    Senators have given up on pushing through an online poker bill before the end of the year after Republicans failed to line enough support on their side of the aisle. With most major players in the gaming industry supporting a federal framework under which Internet poker is legalized across state lines, Senator Harry Reid says the bill will get pushed forward sometime in 2013. The poker payday down the road: MGM Resorts (MGM), Wynn Resorts (WYNN), and Caesars Entertainment (CZR) think the power of their brand will help them beat back challenges from Internet upstarts in the space, although Zynga and Facebook could still be a factor.
Track new comments on this story

This news story has 21 comments:

  •  
    (to get things going)

    The New York Times is up in arms...The Washington Times declared the end of history as Paul Krugman announced that the Chinese communists have at last perfected the business cycle...
    15 Dec 2012, 12:27 PM Reply Like
  •  
    On-line poker is definitely coming. The winner will be the one with the deepest pockets to lobby (bribe?) enough of the most corrupt among the 535. It won't be difficult.
    15 Dec 2012, 12:49 PM Reply Like
  •  
    Maybe we could get the proceeds of the gambling dedicated to incarcerating those dangerously mentally disturbed annihilators of school children before they start killing.
    15 Dec 2012, 01:05 PM Reply Like
  •  
    what are your top 5 portfolio holdings? i am always looking for new ideas
    15 Dec 2012, 01:36 PM Reply Like
  •  
    Is no one to rail against Krugman?

    I bet you two-to-one that On-line poker will beat choomin' in the the states, now that Michelle Obama has declared salt is not legal but choomin' wid da chief is OK.

    Got that?

    'Cause it's confusin' to me.
    15 Dec 2012, 01:45 PM Reply Like
  •  
    (chirping)

    (hit this button and I'll turn off this commercial: _____

    "The Volt is good because it's good."
    -- Michelle Obama
    15 Dec 2012, 01:57 PM Reply Like
  •  
    Online poker is different from all other gambling games. Liquidity is the deciding factor in which platform will win. This is a winner take most business. California and some other states are promoting legislation for all casino style games - not just poker. That will make the US gambling industry a growth industry again.
    15 Dec 2012, 01:56 PM Reply Like
  •  
    Online poker, seriously? Why is it needed? Haven't they heard of day trading via E*Trade, etc.? It's much more fun except that the "house" is allowed to cheat with algos, HFT, etc.
    15 Dec 2012, 02:03 PM Reply Like
  •  
    Mr. Quigley. The Native Texan makes a good point. As we say in North Minneapolis, "We'ze already bettin' the house on red...if it turns out to be blue, we'll try our luck on Google."

    "Old, Polish Sayin:"

    "Red wins at least half the time."
    15 Dec 2012, 02:26 PM Reply Like
  •  
    The US government is 10 years behind the times on this. Online gaming is already here, via dozens of websites. Might as well make it legal everywhere, instead of just in Vegas, AC, on riverboats and Indian Reservations. Can anyone explain to me what changes that I can play poker in Atlantic City but not Brigantine? Or Bethlahem PA but not Easton, PA? How can poker be ok in some cities, and sports betting ok only in Vegas, but not in the rest of the country. It boggles the mind.
    15 Dec 2012, 02:18 PM Reply Like
  •  
    Fed gov needs the money 23 states have legalized gambling now. On line poker is just stage 1. Guys like Wynn etc want online gaming badly, and government will cash in like states and municipalities do. Gaming profits in Nevada topped $10 billion last year and the state gets 70% of the take, 60% in Arizona. They issue the almighty gaming licenses.Vegas wasn't built on winners. Players used strategy, house uses odds.House always wins in the long run.Poker is a game of skill but poker is not what Wynns , Sands corp etc really want slots are where 60% of their profits come from.
    15 Dec 2012, 02:31 PM Reply Like
  •  
    The big boys haven't ponied up enough campaign contributions yet. The Washington crowd is not stupid enough to vote yes too early and lose all those "donations".
    15 Dec 2012, 02:38 PM Reply Like
  •  
    The notion that NV gaming brands will carry online over online brand names is unproven. Better to bet the Online poker names, including $ZNGA.
    15 Dec 2012, 03:54 PM Reply Like
  •  
    Might as well say this, right? It's not like you have much left to lose at this point. Maybe enough people will believe it to bid that dog up to $5 so you can get out with less than a total loss.
    15 Dec 2012, 04:22 PM Reply Like
  •  
    Bought that dog @2.30, so with $1B+ in the bank, and zero sentiment behind it, I like my chances for further gains. Much more than casino stocks.
    19 Dec 2012, 10:26 AM Reply Like
  •  
    If you think the HFT guys are crooks....try winning at at online poker with all HUD displays a collusion between players ...good luck....cheap sit n gos are fun and harmless...but beyond that ....the cheats are thick.....and I don't know of any way to keep the game square...unfortunatly.... and I luv omaha and stud
    15 Dec 2012, 06:38 PM Reply Like
  •  
    Harry Reid will come through. The casinos didn't spend all that money getting him reelected for nothing.
    15 Dec 2012, 06:54 PM Reply Like
  •  
    I own WYNN and CZR.

    The Wynn brand doesn't really mean much outside of Vegas and Macau. There's always rumors of WYNN teaming up with ZNGA, but I dunno. Wynn has beautiful high end properties, but that doesn't mean anything online.

    Caesars on the other hand has brand recognition from casinos sprinkled all over the country that cater to the type of person who will play online, and has the WSOP. Makes more sense to me that CZR will team up with some platform and do whatever is necessary to dominate.
    15 Dec 2012, 06:57 PM Reply Like
  •  
    No need for on-line poker in New York State. We have a neat little thing called Native American casinos. It's like Las Vegas without all the lights.

    No need to sit at home on the computer and gamble when you can drive to a casino on one of the reservations and enjoy a night of wagering.
    15 Dec 2012, 08:15 PM Reply Like
  •  
    $BJK ....I am betting with the house, Long.
    15 Dec 2012, 09:34 PM Reply Like
  •  
    i agree with you deercreek, go down the road to do it, rather than doing it online, in the house. ain t that where the kid s are in the house. or does that matter anymore
    23 Dec 2012, 04:37 AM Reply Like
LATEST|
TODAY SO FAR|
YESTERDAY
Other date
DJIA (DIA) S&P 500 (SPY)
Latest Consumer Articles
More Latest Articles »