Ultimate gaming shuts down
Quote:Ultimate Gaming, the nations first legal and regulated real money online wagering website, said Friday it was ending its Nevada-based operation, citing a lack of profitability from the 19-month-old business.
Station Casinos is the majority owner of Ultimate Gaming and has marketed the Ultimate Poker website through its Southern Nevada casinos.
Ultimate Gaming employees were told of the shutdown Friday morning.
In a statement, Ultimate Gaming Chairman Tom Breitling said online poker revenue in Nevada fell far short of once-lofty projections. Breitling said the current state-by-state approach to legalizing online gaming has created an extremely cost-prohibitive and challenging operating environment.
Only three states Nevada, New Jersey and Delaware allow regulated online gambling. Online poker websites in Nevada can only accept wagers from players physically in the state.
http://www.reviewjournal.com/business/casinos-gaming/online-poker-s-ultimate-gaming-folds-after-19-months
Quote:Breitling said the current state-by-state approach to legalizing online gaming has created an extremely cost-prohibitive and challenging operating environment.
Really? You didn't know that going in? It was obvious to the rear of us...
That may be, but the sorrow of being first in a failure is much sweeter than the sorrow of being last in a windfall enjoyed by your competitors.Quote: DJTeddyBearReally? You didn't know that going in? It was obvious to the rest of us...
I was once chatting with a woman in Texas who owned about seven businesses and was in the process of retiring to a life of golf and poker. She ran golf tournaments locally and played poker online. Something in our chat conversation prompted her to ask me if I was the guy she had just been playing poker with. I obviously was not, but it struck me how silly it was that Texas law and Nevada law would not let a multimillionaire play poker online but would let her organize large pot charity poker tournaments in Texas.
