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Non-Tech : Gambling, The Next Great Internet Industry

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To: Herc who wrote (557)	6/14/2001 10:57:17 PM
From: kidl	Read Replies (1) of 827

Today: June 14, 2001 at 18:25:47 PDT Nevada governor signs Internet gambling bill CARSON CITY, Nev. (AP) -A bill that enables Nevada to be the first state in the nation to offer gambling in cyberspace was signed into law Thursday by Gov. Kenny Guinn. Guinn signed AB466 even though the Justice Department says Internet gambling is illegal. State officials say court challenges elsewhere could change the federal government's position and they don't intend to defy federal law. While acknowledging there are legal hurdles, casino executives think there is a huge untapped market for Internet gambling. Experts estimate that revenues from Internet gambling - largely conducted by offshore companies because of the U.S. ban - reached $1.5 billion last year and could reach $6 billion by 2003. At least three Las Vegas gaming companies - Park Place Entertainment, MGM Mirage and Harrah's Entertainment - have invested in technology firms developing equipment for Internet games and all three have Internet sites offering non-cash casino games and prizes. To ensure Nevada's expansion into Internet gambling moves ahead smoothly, the state Gaming Control Board and state Gaming Commission must first draft and adopt rules governing such gambling. Those requirements would include assurances that minors wouldn't be able to play. Also the games couldn't be conducted from states that prohibit gambling. Hotel-casinos with unrestricted gambling licenses could apply to conduct Internet gambling, posting a $500,000 fee when applying for two-year licenses. A manufacturer of an interactive gambling device would pay a $250,000 license fee; a $100,000 fee would be assessed against a manufacturer of equipment associated with a gambling device; and a $50,000 fee would be charged for a license of a manufacturer of peripheral equipment. Casinos would pay a 6 percent tax on the gross win from the Internet.

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