{"id":23281,"date":"2019-01-15T08:57:17","date_gmt":"2019-01-15T16:57:17","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23281"},"modified":"2019-01-15T09:07:28","modified_gmt":"2019-01-15T17:07:28","slug":"trump-betrays-internet-gambling","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/trump-betrays-internet-gambling\/","title":{"rendered":"Trump betrays Internet gambling"},"content":{"rendered":"

In a world so topsy-turvy that Ivanka Trump<\/strong> will be helping choose<\/a> the next president of the World Bank<\/strong>, we shouldn’t assume that Internet<\/strong> gambling is safe. The Office of Legal Counsel<\/strong> has reversed Eric Holder<\/strong>‘s narrow interpretation of the Federal Wire Act<\/strong>, ruling that “Having been asked to reconsider, we now conclude that the \"\"statutory provisions are not uniformly limited gambling on sports events or contents …\u00a0While the Wire Act is not a model of artful drafting, we conclude that the words of the statute are sufficiently clear and that all but one of its prohibitions sweep beyond sports gambling.” Fortunately, the OLC’s ruling does not have the force of law. Also, the First and Fifth Circuit Courts have held that the Wire Act only applies to sports wagers<\/a>. However, Sheldon Adelson<\/strong>‘s puppets at the Coalition to Stop Internet Gambling<\/strong> were quick to take a victory lap, saying, \u201cToday\u2019s decision seamlessly aligns with the Department\u2019s longstanding position that federal law prohibits all forms of internet gambling, as well as with Congress\u2019s intent when it gave law enforcement additional tools to shut down the activity through the overwhelmingly-passed Unlawful Internet Gambling Enforcement Act<\/strong> in 2006.” In all likelihood, the matter is headed for a courtroom.<\/p>\n

In the meantime, we must reconcile one of the many contradictions of Donald Trump<\/strong>. Back when he was still in the gaming business, he observed correctly that Net-betting was a multi-billion-dollar business, adding that the United States<\/strong> ought to be \"\"participating. Now he might be responsible for this attempt to extirpate it. Perhaps the OLC opinion is a partial payoff to Adelson for the latter’s mind-blowing largesse to the Republican Party<\/strong>. (Adelson reportedly is one of the few individuals whose calls get put straight through to the Oval Office<\/strong>.) The ruling, if enforced, could affect everything from online poker in Nevada<\/strong> to DFS everywhere. Or perhaps the federal government could go on record as opposing Net bets but, as with marijuana, take a laissez-faire<\/em> stance, In either event, it seems to have been a lovely parting gift from exiting Attorney General Jeff Sessions<\/strong>, having been handed down five days before he left office. We suggest that the U.S. Senate grill successor William Barr<\/strong> as to where he stands on the issue and what course he plans to take. Since the hearings will be chaired by Adelson apostle Sen. Lindsey Graham<\/strong> (R), it seems almost certain that the topic will arise.<\/p>\n

Opined Credit Suisse<\/strong> analyst Cameron McKnight<\/strong> in a quick bulletin, “Minimal impact on Online Gaming, but could impact Lotteries. Likely tested in courts. Opinion is counter to Fed Court rulings. Online Gaming not a material income stream. Sports Betting not impacted.” New Jersey<\/strong> would certainly contest McKnight’s opinion that \"\"Internet gambling is “not a material income stream.” The Garden State grossed $29 million last year and has raked in over $1 billion since 2013. “Online gambling’s growth has been perpetual, and 2019 offers few reasons that it will slow down,” said PlayNJ.com<\/strong> analyst Steve Ruddock<\/strong>, having obviously not gotten the bad news from Washington, D.C.<\/strong> At least sports betting seems unimperiled by the new regime at the Department of Justice<\/strong>. That’s good news for New Jersey, where sports wagers ran to $319 million last month, with books holding $21 million. DraftKings Sports Book<\/strong> had the highest online gross — almost $7 million — while FanDuel Sports Book at The Meadowlands<\/strong> led terrestrial operators with $3.5 million.<\/p>\n

New Jersey is catching a break from New York State<\/strong>, whose Legislature looks unlikely to include sports betting in the January 22 budget but may revisit the issue during the early spring. Even then, only the four most recent private-sector casinos and tribal ones are likely to get it (and, boy, do the the private ones need it) and mobile wagering is temporarily out of the question, as the Empire State constitution would have to be amended. Gather ye rosebuds while yet may, Garden State.<\/p>\n

Speaking of sports betting, Donald Trump has emerged as the object of a prop bet regarding the Super Bowl<\/strong> (estimated to generate $100 million in New Jersey handle, $160 million in Nevada). The odds that some performer will mention Trump during the halftime show are 5\/6 — the same line\u00a0on whether Travis Scott<\/strong> gives Colin Kaepernick<\/strong> a shout-out. Since Trump has famously said he doesn’t “do odds” it will be interesting to see whether he follows his fortunes as a betting line or not.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a world so topsy-turvy that Ivanka Trump will be helping choose the next president of the World Bank, we shouldn’t assume that Internet gambling is safe. The Office of Legal Counsel has reversed Eric Holder‘s narrow interpretation of the … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":13712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[227,42,37,189,248,12,243],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23281"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=23281"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23281\/revisions"}],"predecessor-version":[{"id":23284,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23281\/revisions\/23284"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/13712"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=23281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=23281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=23281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}