Published on August 30, 2013 by April Gardner
Churchill Downs is already the location of probably the most prestigious horse race within the world, the Kentucky Derby. Now the parent company that owns the famed horse track, Churchill Downs Inc., is preparing to go into a market that may be suddenly saturated with participants.
Churchill Downs announced this week that they've gained approval from the Kentucky Economic Development Finance Authority on $1 million in tax benefits by hiring 50 new employees. The precise job description of those new employees was not revealed, but many believe they know what Churchill Downs is preparing for.
"Online gambling is coming to the U.S. in a large way," said analyst Steven Ryan. "Whether the government regulates the industry, or whether regulation comes in the course of the Kentucky Legislature, Internet gambling could be in Kentucky sooner as opposed to later, and Churchill Downs desires to be ready when that happens."
The company did announce that the brand new employees could be coping with a technology based job. The figures regarding how much these employees will make were estimated at $165,000 annually. Churchill Downs did acknowledge that they were associated with online gambling.
The move towards providing online poker began for Churchill Downs back in early 2012 when the corporate acquired Bluff Media. Bluff runs an internet poker site, in addition to some of the largest and most successful poker magazines within the US. Bluff has already been approved for a web based gaming license in Nevada, where online gambling was accepted by lawmakers.
With New Jersey also regulating online casinos earlier this year, analysts now believe the door was opened for the U.S. to become the biggest online gambling market on the earth. Dozens of businesses have submitted applications to function online casinos in Nevada. New Jersey and Nevada both hope to have fully operational online casinos by the tip of the year.
Kentucky was on the forefront of a web based gambling controversy when Governor Steve Beshear attempted to grab the domains of 141 online gambling sites. Beshear claimed the sites put Kentucky's youth in peril.
A Department of Justice ruling back in December of 2011, clarified the 1961 Wire Act, signaling that only sports betting was illegal under the law. Soon after, lawmakers from dozens of states, including Kentucky, began lobbying their colleagues to switch state laws, allowing regulation throughout the online gambling industry.
Read More... [Source: Online Casino News]
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