Online Poker the Savior?

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Could legalizing online poker save the United States economy? Sure why not? Same with the legalization of marijuana. Our country is stuck in the doldrums of an economic crash and our government is essentially printing money. Bad part about it is they are devaluing those dollars. So why do it?

I think this is the perfect time to legalize online wagering. Offer secure online casinos from the legalized gambling companies based here in the United States (MGM, Sands, Wynn, etc.). Have the government or private institutions monitor and publish a security report once a quarter. The casinos can only accept Debit card transfers or Bank wires directly into customer accounts.

I also propose that the casinos take a rake or a very small portion  of the final pot. So once all the initial blackjack bets have been made (before any splits or double downs), the casino keeps 3% and then sends 1% up to the government as a Gambling tax.

Then I also say that your personal gambling winnings are subject to inclusion in  your income taxes. I think you could get around paying a lot of taxes if you could be creative and somehow work it into expenses for an LLC or other corporate structure. In fact there are arguments that exist today that Poker should be considered a game of skill and therefore requires skill to play and should be legal.

There it is folks, the simple and easy way to cure the economic needs of our country, legalized online gambling. Of course a form of it already exists today in the US stock market, buyer beware!

Explosion of Brick and Mortar Card Rooms

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Poker rooms in live casinos are on the rise. It was only about 8 years ago when casinos were getting rid of poker rooms due to lack of players. Today, things are much different. Once the poker boom hit in 2004, poker rooms began popping up everywhere. They also started popping up online. After a short period of time, more people were playing online than in live casinos. However, Black Friday in April 2011 changed all that. The online poker crowd has gone from a monsoon to a drip. Live poker rooms had been seeing steady traffic prior to Black Friday, but since that fateful day, poker players have been hitting live casinos in droves once again. This is good for many reasons, including social interaction, live reads and fast and fair payment.

It might have once crossed your mind how casinos make money off poker. They take a rake from each pot, which is usually 10% with a set maximum. They don’t care who wins, which is a big plus. You have a much better chance being up against another player than the house. In tournaments, the house takes a 10% entry fee. These are the primary ways a casino makes money off a poker room. However, their ultimate goal is to get you into the casino so you play other games which have strong house odds. Even if only 20% of poker players play other games, they’re making a good profit off having the poker room. It simply drives traffic.

If you’re looking for a live poker room, you shouldn’t have much trouble finding one. You can try the big casinos in Las Vegas, Atlantic City, Lake Tahoe and Connecticut or you can try your luck, or skill, at a smaller venue. These smaller venues are often race or dog tracks with poker rooms. They’re common in Florida and West Virginia. Regardless of where you choose to play, be sure to get a player’s card. This will allow you take advantage of comps like rooms, food, shows and possibly even airfare.