Internet gambling divides casino industry
CEO of Las Vegas Sands backs ad campaign warning of dangers of online gambling but others look to cash in
Many experts believe online wagering is the future of gambling, but the casino industry is increasingly divided on the issue.
The latest evidence of the split comes Monday as the Coalition to Stop Internet Gambling launches the first commercial in a six-figure campaign warning of the dangers of legalized Internet gambling.
The group is supported by casino mogul Sheldon Adelson, CEO of Las Vegas Sands.
Meanwhile, the casino lobby has made the legalization of online gambling its signature issue for the year. Major members, including Caesars Entertainment Corp., are taking steps to get into the market.
Morgan Stanley predicts that by 2020, online gambling in the U.S. will produce the same amount of revenue as Las Vegas and Atlantic City markets combined: $9.3 billion US.