Online Poker Industry Heats Up With WSOP Going Live
The online poker industry in the US is about to get much bigger, and the chances for a complete industry explosion grew exponentially this week when Caesars Interactive, which is the brand that owns the World Series of Poker, announced that they are prepared to launch their real-money site.
Up until now, Ultimate Poker has been the only site that has offered real-money gambling in the US, but that is about to change in a big way. The World Series of Poker is the most recognized brand in the world, and Caesars is fully prepared to capitalize on the brand they have been building for over 40 years.
"This is a historic moment for our company," said Mitch Garber, CEO of Caesars Interactive. "A state-of-the-art poker offering from one of the most established and regulated operators in the United States is finally here."
The regulated part is the key component for Caesars and the WSOP. As the company attempts to convince lawmakers in states outside of Nevada to regulate online poker, the company's long-standing commitment to regulation will play a big role. Lawmakers around the US have been concerned about the possible lack of regulation for online gambling.
"Having a company like Caesars that has been in the gaming business for as long as they have, and has an outstanding record of cooperating with regulatory laws, could be a game-changer for online poker," said analyst Tracy Grant. "If there was doubt before that the industry could survive in the US, that doubt is dwindling by the day."
Nevada is joined by New Jersey and Delaware as states that have regulated online poker. Dozens of other states have begun the process of regulation, although none have yet passed new laws. Florida and California appear to be the next big targets for the industry, with both holding a large land-based poker presence.
New Jersey was attempting to move even farther along the gambling trail by regulating sports betting. An appeals court, however, dealt a blow to New Jersey this week when they ruled that the 1992 law created to ban sports betting in the US was constitutional.
New Jersey lawyers contend that it is unconstitutional to allow Delaware and Nevada to offer sports betting, but not the other states. At the time the law was drawn up, states had an option to opt out of the law. Delaware did, which allows them to operate sports books, while New Jersey did not.