Despite the legal questions surrounding it and the insistence by some American lawmakers to outlaw all of its activities outright, the online gambling industry has thrived in the United States and shows little signs of slowing down. In addition, and perhaps more importantly, there are also few signs that any realistic attempts to impede its growth actually exist.
A recent illustration of the situation comes from Wall Street. While some people may argue that brokers and investment bankers focus on one detail – profit – and nothing else, we`re all nonetheless aware that investments in shady or suspect ventures rarely reflect well on the investor and, regardless of the success, would do little to attract future clients and customers. Hence, deciding to invest can often, at least to a degree, act as a stamp of approval by the investor of the venture’s operations.
Accordingly, the decision by many of Wall Street’s largest firms to include online gaming industry companies in their portfolios displays not only the regard some investment houses have for the strength and appeal of the industry and the companies themselves, but also the vitality and popularity of online gambling; financial and otherwise. Many on Wall Street have viewed the boom in the online gambling industry as a solid area of investment despite the “illegal” status of online casinos in the United States. That isn’t exactly a small hurdle.
Even blue-chip firms such as Merrill Lynch and Goldman Sachs have begun to buy online gambling stock. When you combine the recent behavior of Wall Street with the continually increasing popularity of the activity amongst the American people, the Government’s position looks more and more detached from the reality of the situation.
Most of the money won or lost online comes from Americans. Now, some of America’s largest investment houses are also endorsing the industry by, at least indirectly, offering financial backing to the operators. As this continues and similar endorsements contribute to making online gambling increasingly mainstream, it’s going to be more and more difficult for the US government to articulate a contradictory position and/or legislate against the industry. Whatever the case may be, you can be sure we`ll be watching closely.