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Online Gambling Exec Bets on Legalization
CNBC.com | December 06, 2011 | 01:17 PM EST

As states grapple with shrinking revenues, online gambling stands to reap a jackpot, an industry executive said Tuesday on “Fast Money.”

Richard “Skip” Bronson, chairman of U.S. Digital Gaming, said that it was a sector that needs to be taxed and regulated, as illegal offshore operators have taken up to $6 billion of revenue out of the United States.

“It’s imminent. There’s no question,” he said. “The states are broke. They’re looking for revenue sources.”

U.S. Digital Gaming develops “legally compliant” gambling systems for Native American tribes, state lotteries and existing casinos. Bronson said already eight or nine states have laws pending to legalize gambling.

“We think it’ll be like the first lottery, which occurred in New Hampshire in 1964. Now there are 43 states that have a state lottery,” he said. “We believe the same thing will happen with online gaming.”

Billionaire businessman and 2929 Entertainment CEO Todd Wagner said it was likely online gambling would move in some form over to an online arena.

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