Today the Wall Street Journal has a feature piece on online gaming. In it they review several states that are looking to the avenue to make up for budget shortfalls.
One of the states, as we know, is New Jersey and they are further along than any other state at the present time.
Once one state passes an online-gambling law, "you will see other states go 'aha.' It will spread very rapidly," said Anthony Cabot, an expert in Internet gambling law.
Racing has had a virtual monopoly on online wagering for some time now (a legal one anyway). What have we done with it? Most would say not much. Archaic 1978 rules for a 2011 internet world, horsemen fighting tracks for revenues or "more of a shrinking pie", huge takeouts in a very low marginal cost medium, and red tape to sign up for an account that would make one's head spin are a few of the unaddressed problems.
We don't have much longer to capitalize on this medium, in my opinion. But with the aforementioned stakeholders digging their trenches for more of less and not relenting even for a moment to work together does not make anyone very optimistic. Horse racing might be the only industry, aside from music, who have the shown the ability to use the internet to help destroy itself.