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Time Business News
12-06-2025
- Business
- Time Business News
As More Operators Exit the State, Where Can You Play Online Poker in Nevada?
Out of the many things it's known for, Nevada is particularly famous for its vibrant poker scene. Las Vegas alone ranks among the top 10 places to visit in the United States, with millions stopping by every year to play the card game at its glamorous casinos. Many of them even head to one particular establishment—the Horseshoe—to participate in the World Series of Poker, which is considered the most prestigious poker tournament in the world. Poker is also frequently played by the state's locals, with many enjoying games both in physical poker rooms and on the internet. In fact, it's so popular here that Nevada started regulating both live and online poker in 2013, shortly after the federal government gave individual states the power to legalize the latter. Unfortunately, the state's online poker enthusiasts may have noticed that a number of the card game's prominent websites have recently stopped operating in Nevada. Last December, Global Poker announced that its site would no longer be accessible in the state after April 15. Soon after, PokerBros ceased operations here as well, noting that users could only play its games from outside Nevada. As a result, Esports Insider reported in February that Nevadans have to navigate a 'far more restrictive online poker system' now that their options are shrinking. That said, avid players may be wondering why this is happening—and if there's anywhere else on the internet where they can still play online poker in Nevada. The main reason Nevada is tightening its regulatory constraints around online poker is that not all operators use the same business model. In particular, the likes of Global Poker and PokerBros offer sweepstakes-style poker games that have come under intense legal scrutiny. That's primarily because of the pitfalls of the dual currencies sweepstakes models use. According to a recent report, sites like Global Poker allow players to purchase packages that consist of two kinds of coins: more common free-to-play tokens and much rarer 'sweeps' coins. Though both can be used to join poker games, only the latter can help users play for and win real money. Legislators argue that the sweepstakes model's dual currencies unfairly take advantage of current online gaming laws in the US, depriving users of the usual legal protections they can benefit from when playing online while simultaneously encouraging them to spend real money just to get more sweeps coins. As a result, sweepstakes poker in Nevada is under stricter scrutiny, resulting in the aforementioned sites, like Virtual Gaming Worlds, ceasing operations here. At least six other states—including Michigan, Connecticut, and Washington—have similarly restricted Global Poker and sites with similar offerings. Fortunately, it's still possible to play online poker in Nevada, which remains one of only eight states to legalize the activity. Though there aren't any dedicated, state-run sites you can currently try, you can still find a trusted option that complies with Nevada's stricter regulations. Americas Cardroom is particularly considered a go-to by locals, especially since it also stands as the #1 online poker site in the US overall. Internationally licensed in Curaçao, it has over two decades of experience and a stellar industry reputation as the flagship website of the Winning Poker Network, one of the first of its kind to launch in the US. That's allowed it to pinpoint the most effective ways to offer real-money poker games online. In leveraging SSL encryption, two-factor authentication, random number generators, and cryptocurrency, it provides a secure, fair, and transparent environment that safeguards player accounts and funds while offering a wide range of games and tournaments, including promotions that may specifically appeal to Nevadans. The prize at last year's Vegas Fast Track Series, for instance, was a $12,500 package that secured a main event slot at a professional Las Vegas poker tournament and covered travel costs (and winning locals could opt to cash out the package's monetary value, instead). This year, the Moneymaker May-Hem offers a similar reward with the added benefit of getting to meet poker pro and Americas Cardroom ambassador Chris Moneymaker. Because it more openly works to protect players while providing all the excitement online poker has to offer, this operator shows that it's still possible to play in Nevada—if you know where to look. As online poker becomes more prevalent across the U.S., Nevada offers a glimpse into where the industry is headed. The recent exits of major platforms underscore a larger trend: regulators are tightening oversight in an effort to ensure fair, transparent, and legally compliant gameplay. This shift marks a critical turning point—not just for Nevada, but for the entire country—as lawmakers seek to differentiate legitimate poker operations from legally ambiguous sweepstakes models. Looking forward, we can expect a continued emphasis on consumer protection. States that embrace online poker are likely to require higher standards for transparency, financial security, and age verification. This means that only the most robust, well-regulated platforms will thrive—especially those offering features like blockchain auditing, encrypted transactions, and strong player advocacy policies. Meanwhile, federal momentum may slowly build toward broader regulation or even nationwide frameworks. If more states legalize and interconnect their online poker player pools—as Nevada, Delaware, and New Jersey have done—players could benefit from bigger tournaments, larger prize pools, and a more vibrant online ecosystem. In this future, trusted operators like Americas Cardroom stand to become even more dominant, especially as they continue to innovate with cryptocurrency integration, enhanced security, and unique live event tie-ins. For Nevada-based players, the message is clear: while the path to online poker may be narrower, it's also becoming safer, smarter, and more sustainable. As online poker matures into a mainstream, regulated form of entertainment, those who adapt to these new standards will not only survive but lead the charge into a promising digital frontier. TIME BUSINESS NEWS
West Australian
06-06-2025
- Business
- West Australian
Superannuation wealth tax ‘a threat' to funding of new unicorns as Escalante moves to mop up VGW
The Federal Government's proposed wealth tax on superannuation has been described as a threat to the emergence of unicorns such as Laurence Escalante's WA-based gaming group Virtual Gaming Worlds. With many investors funding plays such as VGW from their self-managed super funds, the earnings hit on super balances over $3 million is seen potentially depriving start-ups of a key source of development capital. Mr Escalante used millions of dollars raised from hundreds of small and high-net worth backers to build VGW into one of Australia's fastest-growing and most profitable private companies. On Monday, the former financial planner announced a $960m bid to take full ownership of VGW by buying out the 30 per cent of the public, unlisted company he does not own at $5.05 a share from some 700 minority shareholders. One of his early supporters, an investor who is sitting on tens of millions of dollars of profit on VGW shares bought for less than 10 cents apiece, said the Government was 'off the mark' with its proposed move on wealthy superannuants. He and other big minority investors in VGW are mainly invested in the group via their self-managed super funds. 'This Government wants to tax quite heavily the people in the super funds, and that's where these small companies get started,' said the investor, who asked not to be identified. 'There won't be as much money available for start-ups.' Mr Escalante's proposed buyout, launched through his Lance East family office, comes as VGW confronts a major threat to its lucrative operating model from a US regulatory crackdown that is reining in its runaway profits. The group has raked in billions of dollars by using loopholes in US laws banning internet gambling to deliver online 'social' casinos and poker machine games such as Chumba Casino, LuckyLand slots and Global Poker. Under its sweepstakes model, customers buy virtual gold coins that allow them to play VGW's games but have no outside value. However, buyers of most gold coin packages also get bonus 'sweeps coins', which as well as being used to play the games are redeemable for cash in most of the US and Canada. US States are now moving against the group, claiming the games are illegal because they are generating cash winnings for players. Since December, VGW has quit Nevada and Delaware, and flagged its withdrawal from New York, in the face of the pushback. The regulatory crackdown is already hurting earnings, with VGW warning of a 15 per cent hit to its second-half profit. Mr Escalante's opulent lifestyle — he has translated his wealth into a private jet, super cars, luxury boats and swanky properties — and showy and sometimes angry social media posts had already raised doubts about whether he could win over the big institutional shareholders needed to support a stock market listing in the US or Australia. But it is the threat to what has been an enormously successful operating model that has most likely finished off lingering hopes of a float for investors who have been limited to selling stock via an illiquid over-the-counter trading platform. 'It's the model ... the likelihood of regulatory action, which are we starting to see,' a prominent Perth businessman said. While Mr Escalante's 'behaviour and lifestyle doesn't help', despite global stock markets being awash with such 'characters', a listing would have more chance with a 'safer and less vulnerable business model', the businessman said. There is no doubt that Mr Escalante, who founded VGW as a 28-year-old in 2010, has delivered in spades for his investors. The company paid its first dividend — a modest $2.8 million — in early 2019 off the back of a $19.8m profit and $179m of revenue for the December half-year in 2018. COVID-19 lit a fire under the business as uptake of its games in the US soared during lockdowns. Over the past four years, VGW has returned more than $1.3b to its shareholders, with Mr Escalante pocketing the lion's share due to his majority ownership. He will receive a further $200m from the $286m of interim and special dividends set to be paid for the 2025 financial year. VGW's two independent directors have determined that the offer price, which will be reduced by the dividends, recognises the company's value 'after taking into account its medium and longer-term potential and the ongoing risks relating to VGW's business and operating environment'. Mr Escalante's offer was endorsed after an earlier pitch of $3.50 of $4 a share was rejected as too low. However, it still may not be enough to get the buyout across the line, with some long-standing shareholders still reckoning VGW is worth more and disputing the inclusion of the proposed dividends in the offer price. 'A few of the shareholders who have got pretty good holdings feel as if it's an unreasonable offer, they feel as if it should be more,' the VGW shareholder said. The buyout documents are expected to be sent to shareholders by early July, with a vote to be called in August. Mr Escalante was not available for comment this week. Disclosing the buyout offer on Monday, he said it represented 'an efficient opportunity to allow those shareholders looking to monetise their investment for cash to do so'.
