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Donald Trump Online Gambling Venture

20 October 2011 by admin

The Apprentice Season 3If online gambling regulation is passed in the United States, Donald Trump wants in on the deal. The iconic businessman, perhaps best known for his hair, firing people on TV and criticizing Barack Obama, will form an online gambling joint venture with Avenue Capital Group to offer online casinos in the U.S.

Avenue Capital took control of Trump Entertainment last year during bankruptcy. According to an October 14 regulatory filing, Trump Entertainment and Avenue Capital would start a joint venture in the event that state or federal regulation in the United States takes place. Trump owns casinos in New Jersey and Iowa, two states that are considering regulating the online gambling industry.

Ivanka Trump, Donald Trump’s daughter, told Businessweek that it is “just a matter of time” until the U.S. regulates the online gambling industry. Americans wager an estimated $6 billion each year online, and that money is not being taxed and the casinos are not paying any licensing fees to the cash-strapped governments.

For Trump and Avenue Capital, it is important to get into the game right away and be prepared for regulation. Once one state regulates the industry, Ivanka Trump says, “there will be a domino effect, the same way lotteries started in the 1960s.”

The biggest problem for any new online gambling site is developing name recognition. While opening the website doesn’t take much money, companies spend a lot of money promoting and marketing the casino so that it becomes a known product. The hope is that the Trump name will make that a lot easier and give the online casino instant name recognition.

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