Investment bankers Goldman Sachs expect that the USA will legalise and regulate online gambling, creating a US online poker and casino market potentially worth up to USD12bn annually.
'We believe it is logical to assume that the US market will eventually regulate – given the potential implications for US tax take, if nothing else,' the bank said in a note to investors.
'Based on a simple ‘grossing up’ of PartyGaming’s rake relative to its 9% market share, the US poker market alone was worth USD1.5bn in 2008' according to its calculations. Based on further assumptions of expansion after legalization, Goldman Sachs reached the top end annual estimate of USD12bn for poker and casinos combined. The investment bank indicated that progress on regulating online gambling at federal level will be slow, however, and that faster progress would be made at state level.
Barney Frank's bill to regulate online gambling has been referred back to a September committee hearing. Supporters, including the Poker Players Association, had expected the review to begin before the summer recess.
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