Law firms don’t see an online poker future?

ONLINE poker being legalised doesn’t look like it’s got much hope. That is the latest insight from gaming attorneys in Las Vegas, responding to whether Congress will give online poker the green light anytime soon. They believe that business has mostly been generated from other states and countries.

In a report from the lvbusinesspress.com, “Most of the discussion recently has focused on Nevada’s new rules that allow companies in the state to apply for licenses to operate poker websites. The move poises Nevada to capitalize as more states approve Internet gaming or Congress reverses its ban.” This is in light of an increase in net gambling in Nevada.

Frank Schreck, who has been practicing gaming law for 40 years and oversees the practice for Brownstein Hyatt Farber Schreck, said Nevada was ahead of other states in adopting regulations and technical standards for approving online gaming, both intrastate and interstate. However, from their insight, only foreign online gaming companies and Nevada licensees are rushing to file online gaming applications.

“We currently represent a number of the largest European online gaming companies, which has forced us to develop an expertise in a new area of gaming law,” Schreck said to the publication. “My firm has (been) and (continues to be) involved in the negotiation, drafting and consummation of complicated joint venture agreements between major Nevada gaming companies and foreign online gaming companies whereby the foreign online gaming company provides its online gaming technology services to the Nevada licensee.”

Revenue from the U.S. online poker market is estimated at $5 billion.

“Internet gaming is a cash cow in Europe,” said Jeffrey Silver, a shareholder in the Gordon Silver law firm. “They are looking at possibly benefiting from the demand for online poker domestically.”

Before gaming expanded nationwide, Nevada had laws that considered foreign gaming to be anywhere but Nevada. Today, foreign gaming has a different meaning with companies such as Las Vegas Sands Corp. and Wynn Resorts Ltd. deriving a large percentage of their revenues from Asia.