The online casinos that can operate as long as they say they aren’t actually casinos

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In most states, playing slot machines online for real money is illegal. But a group of companies known as sweepstakes casinos has found a way around the law to let users play classic casino games online.

Their revenues have grown 10-fold in the past five years, and they’re now large enough to feature ads with Ryan Seacrest, Drake and Michael Phelps. Only recently have states such as New York and Maryland contemplated restricting them, with billions of tax dollars at stake. But the loophole used by sweepstakes casinos complicates the states’ ability…



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The online casinos that can operate as long as they say they aren’t actually casinos


In most states, playing slot machines online for real money is illegal. But a group of companies known as sweepstakes casinos has found a way around the law to let users play classic casino games online.

Their revenues have grown 10-fold in the past five years, and they’re now large enough to feature ads with Ryan Seacrest, Drake and Michael Phelps. Only recently have states such as New York and Maryland contemplated restricting them, with billions of tax dollars at stake. But the loophole used by sweepstakes casinos complicates the states’ ability…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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