Gary Loveman. Photo courtesy of CNBC.com
Gary Loveman, Chief Executive and President of Caesars Entertainment writes about his idea of how to make good use of the ban on foreign-based online poker sites in the US and how to benefit from the regulation on a federal level. Although most of his arguments have already been presented countless times, he goes further and proposes a pretty detailed way of what and how to do in order to benefit the most from the situation created by Black Friday.
“[Black Friday] has produced a unique opportunity to bring thousands of jobs home to America, to generate revenues that benefit Americans rather than foreign companies and to bring clarity to the current ambiguous set of federal laws. We should seize the moment,” Loveman states. He argues that online poker is here to stay in the US, indictments or not; the real question is if the US should “seize the moment to legalize online poker, permit a safe and legitimate industry (…), and bring those jobs and revenues home," as he put it.
One of his most interesting points is the comparison he makes between the current situation and the Prohibition of the 1920s: “Just like Prohibition, consumers lose all of the protections that come with a government-regulated onshore business. And millions of otherwise law-abiding adult Americans are hamstrung by a law they disrespect and consider to be a barrier to a perfectly appropriate activity.”
To find out about his ideas on how exactly to regulate online poker, prevent criminal activity and combat underage poker play, read the full article at CNNMoney.com.
