No big payoff in Internet gambling

No big payoff in Internet gambling

We all know the look of someone stuck on gambling beyond all reason. "Just one more bet," the look seems to say, "one more bet and the big money's here. Then I'll quit for sure. I swear."

No, we're not talking about some poor soul with a gambling addiction. We're talking about your average state legislator.

Gambling, you see, is the answer to every revenue problem. Gambling money means no new taxes, no tough spending cuts, no hard choices. Just pass a law, then sit back and let the players have their fun and watch the revenue roll in. Unfortunately, as they say, no high is as good as the first high. And the first high for Delaware came in the 1990s. Officials have been in pursuit of the big gambling bucks ever since.

But other states have gotten in on the act, and gamblers, a fickle bunch, are placing their bets elsewhere.

But don't worry. There's another dream to chase, thanks to a strange ruling from the U.S. Department of Justice. This one is Internet gambling.

The feds recently ruled that states that have legalized gambling should be allowed to have Internet gambling.

States across the country, including Delaware, are considering online gambling, or, to be cute about it, iGaming.

We don't think it's going to work. First, if the Justice Department ruling withstands court challenges, states like Nevada and New Jersey, or even New York and California, can offer big-name, big-stakes games that will attract any customer. Smaller markets like Delaware will find it tough competing against the big guys.

Second, casinos make more money on games like roulette and the slots. Poker, which most people are talking about, is more fun for the gambler with skill to compete against fellow players. However, the house gets only a relatively small percentage of the pot. So, in order to increase its take, watch for the gaming industry to invent odd variations of the pure-luck games.

Third, this will be a hacker's delight. Supposedly, the new games will be set up to weed out underage gamblers and to prove the gambler resides in a state where gambling is legal. Don't bet on their getting that right.

Finally, online gambling has no multiplier effect like casinos have with restaurants and entertainment. The economic boost will be limited.

Unfortunately, legislative gamblers across the country are still dreaming of that big payoff.