What you're not getting is it doesn't matter about the $$$ brought in by internet gambling, it's that the costs are so much less for the casino since they don't have to build Billion$ hotels. The casinos PE's will expand!
Dude, they are still building new and renovating old casinos.... not too mention, the licenses, which the state's require to operate, dictate a casino be physically present. Are they going to build casinos in every state? No
I get it, but the market is limited.
Is it currently legal for someone in NY to gamble online in NJ. No
Will all states approve gambling online? No
Unless the FED legalizes gambling in all states, the interstate gambling will be illegal and so the market will be limited to only those states which legalize gambling for its residents. Interstate Electronic gambling is illegal currently via the FED's wire act.
Unless the FED legalizes online gambling which is about as likely as the FED legalizing Marijuana for personal use, the market will be limited and the profits miniscule when compared to CZR's debtload.
So much wrong with this number..... There is only 240 million internet users in the U.S. of which a minority actually gamble. At most, over the next several years, online gambling will be a 5 billion dollar enterprise of which the pie will be split among several competitor with profit margins being in the 5% range for the casino's. Zynga and other platform providers will benefit, but it will not be a game changer.