Sheldon Adelson has spent months lobbying against online gambling. The online gambling community initially dismissed his efforts, because both lawmakers and citizens were becoming more favorable about legalization. However, Forbes contributor Nathan Vardi recently said that Adelson’s campaign to reinstate the Wire Act is gaining support.
Adelson spend close to $150 million trying to get Mitt Romney elected. He also donated close to $20 million to Newt Gingrich’s political campaign. Despite being the largest private donor to any political candidate, Adelson was unable to get a Republican in the White House. Many online gambling supporters felt that the casino magnate lacked the political capital needed to ban online gambling.
Vardi recently stated that Adelson’s campaign has gained considerable traction in recent months. He discussed a number of setbacks that online gambling has faced in recent months. However, the points that he raised weren’t attributable to Adelson’s efforts to ban online gambling.
Vardi said that efforts to legalize online gambling in California and Pennsylvania have stalled in recent months. While his statement was true, it omitted the fact that efforts to legalize online gambling have failed to make any headway over the past few years. The biggest obstacle has been getting the state’s gaming tribes to reach a consensus. They came to an agreement last month, which will bring the state closer to legalizing online gambling.
Vardi also mentioned that online gambling revenues in New Jersey have been miserable. However, revenues have steadily increased since online gambling was first launched. The sluggish growth was largely due to geolocation software and payment processing issues. The state’s gaming providers have made considerable progress resolving those problems, which should help grow the market in the months to come.
Online gambling has certainly faced some setbacks. However, Vardi didn’t point out any victories that Adelson could claim credit for. The industry is expected to grow in the months and years to come.