Tuesday, November 8, 2011 : But it may take 12 to 14 months to implement any law liberating the internet poker market
The Boston-based chief of US land gambling giant Caesars Entertainment, Gary Loveman, remains optimistic about the chances of legalised online poker in the United States, again expressing confidence in the prospect at a company results briefing Tuesday.
Loveman's company posted a 12.8 percent increase in profits following cost cuts, efficiency initiatives and organisational restructuring.
During the briefing Loveman joked that the World Series of Poker currently drawing to a close in Las Vegas had this year delivered a prize pool $10 million dollars greater than the entire payroll for the New York Yankees, and voiced his optimism on the prospects for internet poker legalization at federal level, conservatively estimating that the American market was capable of delivering initial revenues of around $5 billion a year.
However, he pointed out, once legalization had been achieved, it would probably take another 12 to 14 months for Caesars to become fully operational in an internet sense.
Referring to recent interest in the online poker sector by other US gambling corporates like Boyd Gaming, MGM and Fertitta Interactive, Loveman said that he was pleased that other land gambling corporates had seen the value in legalization and were actively looking at the possibilities.
Caesars is among the early movers in the sector and is already involved in European online gambling ventures with 888.com that have been given the blessing of the Nevada Gaming Control Board.