At Uncommon Sense, Rich Nikoley writes:
How many of you realize that when the politicians in D.C. talk about “online gambling,” they are talking about legitimate, publicly-traded companies listed on the London stock exchange, with market capitalization in the billions of dollars, regulated in a manner similar to publicly-traded companies in the U.S.? Sure, at one time, the industry was largely composed of rogue con-men operating in tax havens offshore with laws specifically designed to flaunt civil and criminal action.”
Online gambling isn’t mostly legit because it’s been regulated by government; it’s regulated by an efficient free market – there’s simply a whole lot more money to be made offering an honest game than a crooked one, on the net.
The good news about this law is that the online gambling market isn’t going away. Entrepreneurs are not going to abandon the vast profits that have already been demonstrated. Internet markets are going to route around such legal obstacles. This law, if it is enforced, will spur efficient black markets like nothing ever has.
And that will turn out to be a very good thing.