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Donald Trump Hedges Online Gambling Bets

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American real estate and casino tycoon Donald Trump
has made his opinion on the legalisation and
regulation of online gambling in the United States
very clear, with the news that he is putting
together an online gambling joint venture.

media-savvy billionaire is reportedly looking at
starting a joint venture with fellow billionaire and
hedge-fund boss Marc Lasry, in anticipation of a
time when or if the US federal government decides to
legalise and license online gambling.

Said Trump in a recent interview with leading US financial publication,
Forbes, ‘This has to happen because many other countries are doing it and like
usual the US is just missing out. It seems inevitable, but with this country you
never know if it’s inevitable.’

Trump’s interest in the lucrative world of online
gambling was made public as a result of a Trump
Entertainment Resorts Securities & Exchange
Commission filing, which revealed that the company
is seeking to form a joint venture with Avenue
Capital Group, Lasry’s $12 billion hedge fund.

Trump Could Be New Online Gambling Brand

‘We’ve been looking at this for a while,’ continued Trump. ‘We have the hottest
brand in the world according to many, and we think we will do extremely well
because of the Trump brand.’

Trump is expected to involve his daughter Ivanka
in the Trump online gambling joint venture, which is well underway. In fact,
Trump and Lasry are reportedly in the final stages of bringing a management
partner into the venture, who according to the filing, has ‘experience in
operating online gaming businesses in jurisdictions outside the US where online
gaming is currently allowed by law.’

The filing also revealed that Trump Entertainment Resorts Incorporated –
which the Avenue Capital Group controls – would hold a ten percent stake in the
online gambling joint venture.

But for the joint venture to go ahead, online gambling regulation must first
happen at a federal level, and there is still no indication of when or even if
this will ever happen, considering Congress is still so divided on this issue.

Earlier this year, New Jersey Governor Chris Christie vetoed an online gaming
bill, but some New Jersey lawmakers are still reportedly working behind the
scenes to get online gambling-friendly legislation passed in the state.

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