I-Gaming: Illegal And Thriving – CBS News

You can wager on any sport.

Or take a seat at Partypoker.com.

“I believe there’s about 12 and a half million Americans today use internet gambling in its widest form. I don’t need any cocktail waitresses. And yet millions of Americans do it on hundreds of Web sites, to the tune of billions of dollars.

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

While Internet gaming is illegal in the United States, correspondent Lesley Stahl reports it is absolutely thriving. That’s a hell of a lot of consumer power,” says Payne.

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

Then there’s Internet gambling. They’re all based overseas, but as much as 80 percent of their traffic and profit – comes from the U.S.. Spin the wheels on slot machines and roulette, roll the dice in backgammon and craps. 20, 2005.

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

Internet gaming companies will make $10 billion in profit this year. “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.

For Payne, one big reason online gaming is such a lucrative business is that because he doesn’t face the costs traditional casinos do. 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. All rights reserved. I don’t need any croupiers. I don’t have to comp any hotel rooms.”

“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. “I don’t need a hotel.

This story originally aired on Nov. I don’t have to comp any drinks.

Copyright 2005 CBS. The federal government is clear: gambling on the Internet is against the law

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