I-Gaming: Illegal And Thriving – CBS News

Internet gaming companies will make $10 billion in profit this year. You can wager on any sport.

Or take a seat at Partypoker.com.

For Payne, one big reason online gaming is such a lucrative business is that because he doesn’t face the costs traditional casinos do. 20, 2005.

The point of making something illegal is to stop people from doing it, and penalize them if they do.

“I think the issue is very simple: that you should license it, regulate it and tax it,” says Terri Lanni, the CEO of MGM/Mirage.

“There’ll be more online poker games per day at the end of this year than all of the casinos in the entire world put together. That’s a hell of a lot of consumer power,” says Payne.

While Internet gaming is illegal in the United States, correspondent Lesley Stahl reports it is absolutely thriving. And yet millions of Americans do it on hundreds of Web sites, to the tune of billions of dollars.. I don’t have to comp any hotel rooms.”

It’s so much power that America’s gaming industry, which has long opposed Internet gambling, is shifting its position.

Just type in a credit card or bank account number and you’ll be betting within minutes.

Copyright 2005 CBS. “I don’t need a hotel. It’s a huge business,” says Nigel Payne, who runs Sportingbet, one of the world’s biggest online gambling companies.

In the virtual casinos of the Internet, you can bet on anything.

Then there’s Internet gambling. The federal government is clear: gambling on the Internet is against the law. I don’t need any cocktail waitresses. They’re all based overseas, but as much as 80 percent of their traffic and profit – comes from the U.S.

This story originally aired on Nov. Spin the wheels on slot machines and roulette, roll the dice in backgammon and craps. “I believe there’s about 12 and a half million Americans today use internet gambling in its widest form. I don’t have to comp any drinks. I don’t need any croupiers. All rights reserved

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