Online Gambling Cure for Recession?
November 30, 2009
The land based casinos are going about it all wrong. They have been fighting against the online gambling industry as they say that they are taking away all of their business. They argue that the online gambling ban needs to be in place so that they don’t lose all of their money to outside vendors – and ruin them in the process. But what if online gambling is actually the only thing saving them at this moment?
The president of the American Gaming Association seems to think that the land based casinos can actually benefit from the online gambling industry. Frank Fahrenkopf, Jr. says that he thinks that the decline for the land based gambling industry is something that would have happened anyway, and thinks that if the land based casinos embrace the online gambling industry that they might get them back on track even faster than originally thought.
Fahrenkopf says that it could be at least four years before the land based casino industry sees the kinds of numbers that they did before the recession, but that there might be a way for them to help themselves out. By embracing the new technology that comes with online gambling, casinos might find that it is easier for them to recoup losses by entering into the arena itself.
Other experts agree. They say that if some of the biggest names in land based gambling were to enter into the online gambling world that they might make themselves a lot of money. This of course concerns those already in the industry as they think that people will flock to the names that they know and trust – like Bally, or Harrah’s, or Trump – but no matter how you look at it, if you have this kind of fire power behind making online gambling legal again, everyone will benefit from it.
