Internet Gaming Will Be Legalized at 'Some Point': CEO
A piece of legislation introduced in Congress last week has some investors and gamblers hopeful that internet gambling will be legalized.
"There's more money being spent on Internet gaming then the entire Las Vegas strip is generating in casino revenues—pretty amazing number," said Jason Ader, CEO of Hayground Cove Asset Management. Ader also sits on the board of Las Vegas Sands.
"It will happen at some point in the future. I'm not sure if it's this bill, if it's this year, but it doesn't make any sense for this money to be leaving our shores going to other countries without any control or any tax-revenue benefits," Ader told CNBC on Monday.
"You have plenty of Americans who are already playing online. They send money overseas," he added. "Why not regulate it, tax it and enjoy the economic benefit to the states, to the federal government."
The major gaming companies will figure out a way to participate, Ader said. "You saw last week, Wynn Resorts making a deal with Poker Stars. Caesar's has been very active.
"The public companies that trade mostly in the UK will team up, and the US operators will have their relationships to benefit from this," he concluded.
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