As has been pointed out here already, they are going to attempt to get the Federal Online Poker Bill passed quickly. If it passes, online poker will be IMMEDIATELY LEGAL in every single State unless specifically excluded by law. That means that a State's elected officials would have to draft a bill and take a vote which says that people within their State do not have the rights and freedoms of every other US citizen. It is a very differerent process to vote to allow online gambling in your State when it is not allowed on a national level than to take a vote remove a national right. Utah will exclude the right but immediately (overnight) almost every other State will not ... and then suddenly you have the largest legal online poker market in the word opened up. Would I prefer that in not be restricted to only online poker ... absolutely. But, it gets the ball moving. Zynga with the largest social poker game in the world will be anyone's strategic partner. If it passes, $4 will be a dot ...
hopefully it will pass, they introduced new language that will eliminate the stalls they experienced before; strong buy anyways, I trade it and own a significant position long. Good luck to All longs, the pressure at this level is about to break out. If this passes, the potential for revenue with Zynga is "mind blowing" (Pincus).
Sentiment: Strong Buy
I'm encouraged while reading what you guys say, however, after witnessing congress in stalemate beyond anyone's imagination for the past five years, I find it hard to believe they can get over themselves long enough to really accomplish anything beneficial. If ideology is kept aside, and tax is the focal point, perhaps some headway can be made toward a workable law. First, I really will have to see it to believe it. I hate to say it but I absolutely have no confidence the two parties get agree on anything, and that's a sad reality for millions.
Someday I may be a law but today I'm still just a bill... School House rock?
Nothing moves thru congress with speed. Once a bill is introduced it will need debate and refinement and if it does reach a vote then the process starts over again in the Senate, and then if it passes the 2 bills must be reconciled before being sent to the President to be signed...
Now I hope it happens but I would put more faith in the state by state approach.
Can you see Harry Reid from Nevada allowing a vote in the Senate to open up the entire US without getting assurance of protection to the established players in his state? I can't...
I think we are much more likely to get up and running in NJ or NV and then having other states use that to rev share.
Just my thoughts.
I agree that things with gov't normally moves very slow, however at times this gov't can move at lighting speed. We know that Vegas wants online poker and gambling in the biggest market possible (Poker especially needs player liquidity to function properly). We already know Vegas(MGM, CRZ, WYNN) has pushed to legalize, more importantly we know that at least Wynn has been talking to Z for a partnership (I hope that Forbes is a good source) in online gaming. So Z is a direct beneficiary in more ways than one.
Reid in this case is an asset.
If Reid wants to do anything to help he can make it similar to NJ's version and may require a casino license (ie any casino in any state) to place bets and be responsible for funds and records. If more and more states start passing bills it becomes harder to pass something on the federal level, and very difficult for the federal government to receive the tax revenues because states will be collecting it. The Fed wants this money, if not they know at least 20 states are considering passing a form of online gaming in the near future mainly to help address state budget issues. FL and NC seems to be making huge strides in redefining gaming laws, just look at what happened to the Internet Cafes in FL. FL decided to put 12000+ workers out of work, + 100,000 sq ft of real estate on the market, and gave up any tax revenues from this industry . . . why??? I'm betting its because they found another way to make a bigger share of the profits (higher Taxes).
Politics are all about self-interest, the more money those monkeys control the more self interest they have, and this in case I think early investors will benefit from not trying to fight the fed.
You're probably right, social. Not only will congress move slow but they'll overwrite the bill. And then the lobbyists will tack on their own unrelated agendas. The one motivation to expedite it would be the tax revenues. (I can see the politicians salivating at the prospect.) So, maybe it will move. My hopes remain with NJ and going live in November. All we need is just one state to be making money on this and the rest will jump in...with or without the feds.
Actually, it looks like they do not know the final format of the Bill yet ...
Further details about the bill have yet to be released. It is not known if this will be an opt-out bill, where states will automatically have online poker legalized unless they specifically choose not to, or an opt-in bill, where no states are included until they decide to be.