I-Gaming: Illegal And Thriving – CBS News

“I think the issue is very simple: that you should license it, regulate it and tax it,” says Terri Lanni, the CEO of MGM/Mirage.

Just type in a credit card or bank account number and you’ll be betting within minutes.

This story originally aired on Nov. For Payne, one big reason online gaming is such a lucrative business is that because he doesn’t face the costs traditional casinos do. It’s a huge business,” says Nigel Payne, who runs Sportingbet, one of the world’s biggest online gambling companies.

Internet gaming companies will make $10 billion in profit this year. “I don’t need a hotel. And yet millions of Americans do it on hundreds of Web sites, to the tune of billions of dollars.

While Internet gaming is illegal in the United States, correspondent Lesley Stahl reports it is absolutely thriving.

“I believe there’s about 12 and a half million Americans today use internet gambling in its widest form. I don’t need any cocktail waitresses. That’s a hell of a lot of consumer power,” says Payne.

In the virtual casinos of the Internet, you can bet on anything. 20, 2005.

The point of making something illegal is to stop people from doing it, and penalize them if they do.

Copyright 2005 CBS. I don’t have to comp any hotel rooms.”

Then there’s Internet gambling. All rights reserved. The federal government is clear: gambling on the Internet is against the law. I don’t have to comp any drinks. You can wager on any sport.

Or take a seat at Partypoker.com.

It’s so much power that America’s gaming industry, which has long opposed Internet gambling, is shifting its position.

“There’ll be more online poker games per day at the end of this year than all of the casinos in the entire world put together. I don’t need any croupiers. Spin the wheels on slot machines and roulette, roll the dice in backgammon and craps. They’re all based overseas, but as much as 80 percent of their traffic and profit – comes from the U.S.