Legal Online Gaming in New York City?

Photo by Ross Elliott

FREE PRESS REPORT

NEW YORK, NY (NEWS) -- Online poker players in the United States should be watching the news coming out of New York City carefully. While Nevada, New Jersey and Delaware have already moved forward with legalizing online poker, New York may be joining them.

The Unlawful Internet Gambling Enforcement Act (UIGEA) was passed in 2006, which made it illegal to transfer funds to U.S. citizens. Since that time, the federal government has been stepping back a little, allowing more leeway for individual states to determine their own stance on the issue of online gambling.

Both New Jersey and Nevada are leading the way because they have existing legislation in place for physical gambling locations. Recent legislative efforts in New York have centered around whether or not poker is actually a game of skill rather than a game of chance. The difference will have a lot to do with whether or not online poker becomes legal for residents of New York.

If New York and other states begin to push forward with the legalization of online gambling, it may spur a large growth in the number of websites that offer online poker. For now, many sites have become popular for those who enjoy playing poker online.

Eilers Research has suggested a conservative estimate of $500 million to $3 billion in revenue in the United States in the next five years. Others, however, have it looking a lot better. For example, Morgan Stanley is reporting it may be as high as $9 billion. Others have come up with a figure of around $7 billion.

Whatever the exact amount, online gaming is a big issue and some key states are acting quickly to make sure they're set up to reap the benefits of allowing online poker to be paid for money. The new companies that are starting up in New Jersey and Nevada are beating out established companies that tries to circumvent the 2006 legislation against online gaming.

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