Steve Wynn the CEO of Wynn Resorts Ltd a leading casino in Las Vegas has made an important announcement stating that he has entered into a deal with the country’s leading online casino PokerStars, to form a strategic alliance. By doing so, Steve Wynn has credibility to online poker. In return, he can claim to be an associate of the leading poker brand. He gets a powerful ally to thwart attempts by business interests and law makers to exclude off shore online poker companies from operating in the U.S.A. it is noteworthy that online poker companies registered in foreign countries have had an un hindered access to the U.S online market. The alliance move is really an effort to play a hide and seek game with the Federal Law enforcement agencies. Unless the present US law is abolished and new law enacted, making online betting legal and also setting out procedures for regulating the operations of the online poker companies, the present game will continue.
By a mere announcement of the formation of a powerful alliance and his intention to use the alliance to canvas for legalizing and regulating online betting Steve Wynn has already set the ball rolling. The lure of great revenue collection and also the creation of many jobs have made at least one state to set up agencies for regulating on line poker play within the state. The lawmakers have justified this move by saying that the state is going to have a very much improved tax collection. Another state has done the same thing but on a limited scale by allowing foreign registered to operate within the state, in collaboration with a local gambling company.
PokerStarsWynn is registered in the Isle of Man but has a strangle hold on the US online poker market circumventing US law and never been caught for a violation of law. The U.S Justice Department has given the opinion clearly that any facility offered for making money through online poker is a violation of US law. They have compared the position with regard to sports betting which is illegal in U.S. PokerStars have been running around consulting many leading US law firms regarding the legal status of playing online poker in the U.S.A. Curiously, in spite of the Justice Department’s clearly expressed opinion in the matter legal advisors have informed PokerStars that playing online poker is no violation of US law.
Perhaps, it is with a view to get this tug of war ended that Steve Wynn his movement for passing legislation in favor of online batting and having regulatory agency for proper implementation of the law. Mark Scheinberg who owns PokerStars along with his father has commented in a statement that PokerStars are closely regulated in many European countries and he would like to have the same system adopted in the U.S.A also. According to him, the new regulatory regime will give consumers good protection. Many jobs will be crated and the Government will also be benefitted by increased revenue. Steve Wynn is determined that efforts for legalizing online betting are not aborted.