March 24, 2011 Thursday. The alliance between Caesars Entertainment Corp together with 888 Holdings PLC passed the Nevada's senate in Carson City allowing the partnership to operate online wagering.
Caesars Entertainment Corp who dominates the land based gambling arena with over 50 casinos operating in different countries, owner of the Caesars Palace and more importantly the place where the annual WSOP takes place was given permission by the authorities in Nevada to work with 888 to run online gambling sites in the United Kingdom as well as free-money sites in different areas using Caesars trademark.
Townsend stated during the final minutes of the 2 hour hearing: "This is the first of perhaps many relationships that will be developed over time,"
“Caesars spokesperson stated that the management has been considering to enter the online gambling market for years, and is staring to position itself to be ready in case lawmakers eventually make online gambling legal in the United States”
Mitch Garber, chief executive of Caesars subsidiary Caesars Interactive Entertainment stated that their vision is to dominate not only the gambling market in United kingdom but given the opportunity, world wide.
888 chief executive Gigi Levy stated that an expected revenue with a total of $24.2 billion at the end of 2011 might expand into $26.1 billion at the end of 2012. He also added that almost 41 percent of the mentioned revenue came from sport betting patrons while 23% came from online casino users and 19 percent came from poker players that would sum to almost 83 percent.
Poker covers the lowest percentage since big names behind poker sites such as PokerStars and Full Tilt Poker already hold the trust of poker players with over $4.6 billion or 60 % in the online poker industry. Consequently, the two mentioned operators are pushing a legislation in Nevada by U.S. Sen. Harry Reid last December.
Under Sen. Harry Reid's legislation, all gambling sites (online casino, sports betting, poker sites) who are caught exchanging business with Americans will be punished, moreover, under this new regulations, getting a license to operate online will be a lot more tougher. In fact, under this law, Caesars lost $196.7 million dollars in the course of the fourth quarter until Dec. 31, under a revenue of $2.12 billion.
Nonetheless, Garber stated that "As a company, you clearly know that we have been lobbying and are in favor of legalized and taxable online gaming” and added "We see this all as a very positive development for online gaming and we intend to be at the forefront of all these developments."
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
http://abcnews.go.com/Business/wireStory?id=13215096
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