According to an article in IDD (Investment Dealers Digest), several top Wall Street investment banks have financial stakes in a number of international businesses that have online gambling ventures in their own operations. The article says this is due in large part to the fact the online gaming industry has grown to US$12 bln/yr as of 2005, and will likely exceed $24 mln in a few more years. This includes online poker games such as Texas Hold’em, amongst other games.
Throw in the fact that there have been over $50 bln in mergers and acquisitions in the industry since 2000 and various IPOs – both a source of fee revenue for investment Cheri Casino banks – and you can see why these American firms have ignored the US Department of Justice’s claim that online gambling in America is illegal.
Now, given that various US Deputy Assistant Attorney Generals have implied the possibility of organized crime and terrorist infiltration into online casinos, these big investment banks are enabling potentially dangerous people in order to make a buck. There’s also the “1961 Wire Act, which prohibits the transfer of betting information across state lines using wire communications, such as the telephone.”
There’s something wrong here, hypocrisy at the least.
As I understand it, US state law overrules federal laws. So the Washington state government can declare it illegal for Washington state citizens to write about online gambling, or for Washington newspapers to publish such articles. But …