Leo and Jurge posted this article in the Las Vegas REVIEW_JOURNAL on friday, 26 FEB 2010:
Interesting fact about gaming, the state could easily take in over $400,000,000 a year, without any downside to it, if they would just legalize a state online poker site.
Think I am crazy? Just listen.
Sites like PokerStars make millions by doing nothing more than providing the software, holding deposits in escrow and paying out the winner of each game or tournament.
When playing on a poker site, you are not playing against the house, you are playing against other players and the house gets a set fee. It can be a tournament fee or what is called the rake - a fee paid out of the pot.
I spent some time and downloaded a day’s schedule for a major poker site. Took the fees, average rakes, then I applied it against what a state site could expect to take in.
Here is an example. If there is a tournament where 1,349 people enter it at $10 + $1, that means that $10 goes into the tournament and the house takes one dollar. So for that tournament, the house takes in $1,349.00 before expenses. Now, if that is a daily tournament, multiple that by 360 (exclude a few holidays or special events) and what you have from just the one tournament is $465,000.
So when I tell you that the state can make millions, I mean hundreds of millions of dollars, all of which can be applied for education, transportation, fire departments, etc.
The sad part is, I have sent an initial proposal to the Governor’s office, Mayor of Las Vegas and Mayor of Reno offices, Channel 4 News, State Legislatures offices and have not heard back from anyone with positive encouragement or questions.
Guess the gaming industry is too strong here in Nevada.
To find out more, click here http://www.whatbull.com/ and see my basic proposal. If you are interested in doing something about this and are with the Press or in Nevada State Government, write to me at webmaster@whatbull.com and let's talk!
