Sheldon Adelson Terms Online Gambling “Fool’s Gold”

The right to gamble online is a controversial notion for many in the U.S. There are so many interested parties flooding potential legislators with all sorts of scenarios ranging from total disaster to savior of dwindling state coffers. The U.S. online gambling industry is currently the most interesting to look at as there are dramatic developments happening on a state level until there is some sort of Federal clarification on internet gambling.

A recent article in Forbes magazine with one of the world’s largest casino moguls Sheldon Adelson sheds some light on this hot topic. Being the Chairman of the world’s largest gaming Company, Las Vegas Sands Corp, it is worth listening to his views on legalizing online gambling. While having a vested interest in maintaining their land based casino players, it is well worth noting the conflict of interest Adelson has when addressing the online gambling issue.

Adelson is concerned that the pattern of states like New Jersey, Nevada and Delaware who have already passed online gambling legislation might spread to a Federal level. He terms online gambling as “fool’s gold” and is urging Congress to pass legislation that would restrict online gambling of a nationwide basis. Reacting to the obvious criticism that he has a vested interest in gambling remaining in land based casino like his own. Adelson was quick to point out that his company makes over twice the amount of money from non-gaming entities in the U.S. He also claims not be afraid of competition as he has being in the industry for decades.

Another major reason why online gambling is under fire is the concern that it would decimate the current legal land based casino which include the Native America casinos and nationwide racetracks. The ability to click and play anywhere and anytime is a potential danger for many sector of society which include underage gamblers and anyone looking to make a quick buck. Land casino patrons on the other hand have to make a physical effort to patronize casino establishments which certainly makes it more difficult than just clicking a button.

Adelson also believes that there could be a massive loss of jobs if online casino were legalized and could result in over 400,000 job cuts in a struggling economy. While Adelson’s “pleas” are interesting one cannot help but wonder how land-based casinos can exclude patrons from the online and mobile gaming options which are the way of the future no matter how you look at it.

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