Thanks for joining me for another edition of PowerTalk. I’m your host Chris Versace, editor of the investment newsletter PowerTrend Profits. Joining me today to take you behind the scenes and in the know is Tom Breitling, the co-founder and chairman of Ultimate Gaming.
As you may have noticed during the last few years, gambling has grown from a focus on Las Vegas, Nevada, and Atlantic City, N.J., to a number of other places — Maryland, West Virginia, Connecticut and Pennsylvania to name a few.
At the same time, technology has had a tremendous impact on our lives and has resulted in the increasing shift toward what I call an Always On, Always Connected Society. That is one of my Great 8 PowerTrends that subscribers to my investment newsletter, PowerTrend Profits, not only know all about, but are profiting from as we speak. That PowerTrend has battered certain industries such as newspapers. Hard hit has been The New York Times (NYT), which has lost classifieds, coupons and want ads that can be viewed instead on Monster.com, Groupon (GRPN) or Valpak.com, among others. We communicate less through postal mail and increasingly through email, as well as other social media sites like Facebook (FB), Google’s (GOOG) Google + and more.
Although it has had its issues, gambling has not been immune to this transformation. While Congress banned online gaming in the United States in 2006, that prohibition changed recently as tax-hungry states like Nevada, New Jersey and Delaware relaxed the rules. Flash forward to this past April, UltimatePoker.com went live, becoming the first legal, real-money poker site in the United States. Since then, Caesars Entertainment Group announced it plans to go live this summer with an online poker site in Nevada.
With more than 10 other states looking at online gaming, whether for poker or for “full-blown casino gaming” that was approved in New Jersey, we wanted to get the skinny on the return of online gaming. That’s why I was very excited to talk with Tom. If anyone should know about the intersection of the Internet and gaming, it’s Tom Breitling, given his leadership at Travelscape.com and the Golden Nugget. In case you missed it, he sold both companies and made a ton of money.
How big can online gaming get? Morgan Stanley predicts U.S. online gambling will produce over $9 billion in revenue by the year 2020. That $9-billion figure is the same revenue generated by Las Vegas and Atlantic City markets combined.
As you’ll hear from Tom, this new path for online gaming can help spur not only jobs and taxes, but a number of technologies that make online gaming secure. Tom also shares an interesting perspective on the legislative environment and what it means for business. Trust me; you won’t want to miss it.
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