One of the first
online casinos to take bets on the Web, Lasseters
Online, is closing its doors. Following an announcement
by the Lasseters Corporation that a last call for wagers
at its famous online casino has been made, the final
chapter to a story which some people said they saw
coming, has come to an end.
While the passing
of the Unlawful Online Gambling Enforcement Act
certainly played a part in causing hardship for
Lasseters, ultimately, it was likely a lack of proper
oversight, management and overall vision for the online
businesses. Many other online casinos who drew the bulk
of their traffic from U.S. players, and have - post
UIGEA - ceased taking U.S. bets, are doing fine for
themselves, albeit financial losses were initially
incurred. Those companies who especially made
concentrated efforts to diversify business operations in
countries throughout Europe are doing quite well.
Lasseters, however,
apparently did not have all their cards played right. It
took a $15.5 million loss in revenue last year, and an
unwillingness to inject more funds for a bailout from
their parent company, Lasseters International, for
online business operations to come to terms with its
bleak future. As a spokesperson for Lasseters said,
"numerous constraints" and major financial losses are
keeping Lasseters Online Casino from "remaining
competitive". Following the completion of an auditor
review, Lasseters Board determined it was highly
unlikely to turn things around.
Lasseters' sports
betting site, however, is a completely different story.
That sector of online operations has been pardoned, and
left online to continue taking bets on all manner of
sporting events. One likely reason is because there are
fewer constraints on the sports betting sector, which is
precisely why Lasseters Online Casino could come back
around at a later time if and when the UIGEA gets
overturned or there simply are fewer restrictions as a
whole on the online casino gambling sector.
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