An economist said ailing Nevada stands to gain millions in tax revenue if it regulates and develops the multibillion-dollar online poker industry, but detractors — including some of the most powerful Las Vegas casinos — called the bill on the table premature and said it could chew away at brick-and-mortar businesses.
The economic analysis came Thursday as a legislative panel heard AB258, which would call on the Nevada Gaming Commission to create rules for Internet poker operators and manufacturers of related equipment. After U.S. Sen. Harry Reid’s attempt to set federal regulations on the quasi-legal internet gambling industry fell flat late last year, several states are pushing their own bills.
It’s stoking the fires of competition in a state considered the nation’s leader when it comes to gambling regulation.
“Make no mistake — this is about Nevada jobs, Nevada revenue and Nevada pride,” said former state Assembly Speaker Richard Perkins, who is lobbying for PokerStars. “Other states are going to leapfrog us.”
Further proof that World Series of Poker (WSOP) No-Limit Hold’em matches are now dominated by youthful poker players was forthcoming yesterday (March 20th).
That is because 21-year-old Mstr Lynch triumphed at the tour’s latest event to take his first ever WSOP Circuit title.
Budding hopeful Lynch went into the poker tournament in good form, having recently enjoyed a successful two-month stay on the circuit.
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He came out on top of a field of 180 stars at the Harrah’s Rincon casino in California, taking home a first prize of $20,897 (£12,866), as well as a coveted gold ring.
Explaining his unusual first name – which is pronounced “master” – Lynch said: “My dad wanted to name me something that was very different. So, he chose something that was sure to be original.”
Following its stint on the west coast, the WSOP tour will be moving on to Harrah’s St Louis in the state of Missouri.
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The day began with eight hopefuls looking to score $750,000 and the title of 2011 NBC National Heads Up Poker Champion. The day ended as it has so many other times this year, with Erik Seidel hoisting a big trophy.
The eight-time WSOP bracelet winner just keeps on adding to his list of accomplishments and has now moved into first place on the all-time tournament earnings leaderboard ahead of Daniel Negreanu with roughly $14.7 million in career winnings.
The Full Tilt Pro has been on fire in 2011, winning three events, making six different final tables and earning nearly $4.5 million. Its a run that can only be rivaled by Negreanu’s numbers in 2004. The only difference is that Seidel has accomplished all of this in the span of just over two months.
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For one night, Mike Sexton was not in the broadcast booth during a World Poker Tour final table. Instead, he was fending for the $1 million top prize at the Bay 101 Shooting Star final table and making the WPT debut he was waiting years for. Tony Dunst picked up the commentating duties Sexton did his best and got his money in good. The cards did not cooperate for Sexton and instead, Alan Sternberg, playing in his fourth WPT event, turned a satellite entry into a seven-figure score and major title.
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Alan Sternberg battled back from a short stack with four players to go to win Bay 101.Sexton, sitting on the very short stack to enter the final table, was the first player eliminated at the 27th hand of play by Mike Matusow. Sexton looked to be in great shape with K-Q against Matusow’s K-J, but Matusow hit a J on the river to knock out poker’s ambassador and not only shrink the final table to five players, but also collected the $5,000 bounty on Sexton’s head as he was a Shooting Star during the event.
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CARSON CITY, Nev., March 21 — The world’s biggest online poker operator, blocked at the federal level, is urging Nevada to approve the practice for state residents.
Opposition from big Nevada casinos may doom the idea, but Randall Sayre, a former gambling regulator now lobbying for PokerStars, tells the Las Vegas Sun it is shortsighted for the state to pass up the chance to become the U.S. headquarters for Internet gambling.
“If we don’t approach this in a rational fashion this legislative session, by the time we meet again in two years … we will be left on the sidelines,” he warned.
After losing a bid to legalize Internet gambling in Congress last year, PokerStars has been pushing states to allow it for their residents.
Large casino operators say it is pointless to limit poker to Nevada residents because the state’s population is too small, and other gambling options too plentiful, the newspaper reported.
A decade ago, the Nevada Legislature authorizing regulators to draft Internet gambling regulations, but the power has never been used while companies debate financial and regulatory uncertainties
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If you’re looking for a downside, though, it’s probably the inconsistent competition. Because of the huge player base there are some very fierce opponents on the site if you wander into the wrong game.
If you like more obscure poker variations, PokerStars is for you with a wide spread of games offered – Texas Hold’em, Omaha and Seven-Card Stud in all versions, H.O.R.S.E., H.O.S.E., 2-7 Triple Draw, Five-Card Draw, Razz, 2-7 Single Draw Lowball, Badugi, 8-Game, Mixed Hold’em and Mixed Omaha Hi/Lo. By the time you read this, they’ve probably added more.
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Iowa Gov. Terry Branstad said Monday he has not ruled out the possibility of backing a measure to legalize Internet poker that is being debated in the Legislature.
Branstad said he would need to learn more about the proposal if it cleared the Legislature and reached his desk, and acknowledged that many Iowans already play poker illegally on the Internet using sites based outside the country.
“Some of the people who are promoting it are saying, ‘You’ve got this illegal offshore gambling that’s going on,’” Branstad said at a news conference. “We want to prevent that from occurring and this would be a way of having it done legally instead of it being done illegally without the state getting any benefit from it.”
The measure to legalize Internet poker has won approval in a Senate committee, and is awaiting debate in the full Senate.
Asked directly is he would veto the measure, Branstad refused to make an immediate decision.
“It’s usually my policy not to threaten a veto on anything until I see it in its final form,” said Branstad. “Things can change dramatically.”
Backers said the fact that Branstad is open to the idea is likely to give the issue momentum.
“It helps,” said Sen. Jeff Danielson. “There are all kinds of subject matters out there that are difficult and complex. Gaming is one of them.”
During his initial tenure as governor, Branstad signed into law much of the legalized gambling that is on the books, yet he argues that he doesn’t support gambling. During the last campaign, Branstad said the state, which is in the process of building its 18th casino, “is saturated” with gambling.
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