Start-Ups Hedging Their Bets on Online-Gambling Legislation
Venture-backed start-ups operating in the three most popular forms of online gambling–poker, horse racing and sports betting–stand to see major impacts from proposals winding their way through Congress that could legalize certain types of Web-based betting.
While the start-ups are keeping a close eye on the bills’ progress–and in some cases positioning themselves for possible major changes–most believe that any new laws won’t be enacted for at least another year, and possibly longer.
Investors are keeping their distance from the discussion. Requests to six venture capitalists for comment about the proposed legislation were either declined or never returned.