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Shocking Admission By Sheldon Adelson Regarding Online Gambling

It was thought over the past year that the largest gaming companies in Las Vegas had shifted their stance on Internet gambling. Wynn Resorts, MGM Resorts, and Caesars Entertainment have all formally entered into agreements with foreign online gaming companies in anticipation of the US laws changing.

On Wednesday, Las Vegas Sands CEO Sheldon Adelson, who has been a pioneer in innovative thinking within the gaming industry, decided to speak out in opposition to online gambling regulations. Adelson's motives were unclear, but his thought on the issue were not.

Adelson claimed, through a spokesman, that he opposed online gambling regulations because he feels there are not enough technological safeguards available to protect against underage gambling. While that is Adelson's point of view, it has been proven overseas that technology companies do, indeed, have adequate safeguards to prevent underage betting online.

In the UK, online gambling is heavily regulated, ensuring that gaming companies cannot target children in their advertisements. The technology calls for several passwords and verifications before a gambler can log into their account and begin betting. The issue is one, however, that is keeping lawmakers from embracing the idea of Internet casinos.

On a federal level, a push is being made in Congress to regulate online gambling. The push comes after millions of Americans were locked out of their favorite online poker sites, PokerStars, and Full Tilt Poker, earlier this year. The disgruntled gamblers took to the phones and e-mail accounts to voice their displeasure with the current laws, and legislators have responded by loosening their hard-lined stance against the activity.

Several key lawmakers who opposed online gambling in the past have changed their stance. Most notably, Representative Spencer Bachus, who is now open to regulating online poker.

US gaming companies have gotten on board with the regulation idea after their land-based casinos saw a sharp decrease in revenue during and continuing after, the recession. Senate Majority Leader Harry Reid, representing Nevada, has followed the lead of the gaming companies and is now on board with regulations for online poker. Reid pushed for legislation towards the end of 2010, but it did not gain the traction needed to push a bill through in the lame-duck session.

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