By now, anyone reading my blog on a consistent basis is familiar with my idea of creating a website for online food ordering and delivery with the restaurants in Chinatown being the jumping off point for it. I'm going to give that a rest in this post and talk about something else coming down the pike; online gaming. The State of Nevada passed a bill recently legalizing online poker in Nevada. The initial licenses are being given to a handful of existing gaming companies in the state. As it's written now, you'll only be allowed to gamble online if you're a resident of the state; that will change soon. For now, the federal government is leaving online gaming up to the states. Nevada is the standard bearer in gaming worldwide. Once Nevada has the framework and regulatory process in place; they're going to look at striking compacts with other states; California being the first. Since most states in the Union are revenue starved; many people, including myself, hold the belief that online gaming will be legalized throughout the country because of the tax revenue it creates. If online gaming gets legalized full boat --sports, poker, etc.-- Estimates for revenue according to Ralston reports: 100 billion plus by 2020!
How does a person get in on the action of online gaming? That's a good question and I have a solid answer; Asians. Gaming revenue is dominated by them! Example: Macau is a gaming enclave located 30 minutes by ferry from Hong Kong. The gaming revenue there is six times greater than its nearest competitor; Las Vegas.
The Asians who live in Las Vegas like to gamble! Many of them will gamble online when it becomes legal. If I'm able to implement a few of the strategies I've been blogging about as pertain to Chinatown and Asian growth (online food ordering and delivery, reality) and the Asians take a liking to them. Well, it opens up the door for more things such as online gaming. Basically, they've got to like you and trust you. Once that happens, you'd stand a great chance of selling other services to them such as online gaming. Once they legalize online gaming in other states; you'd look to sell the service there as well. Think of it as a 'snowball effect' and Chinatown Las Vegas would be the start of it.
I like to end every post of mine with a thought I'm having...Call it the village idiot thought of the day. "A well run gaming site is going to net 4-5%. The key is volume! An effective growth strategy aimed at Asian businesses and consumers would provide that volume! Think of it this way: If you've got 10,000 people signed up for a gaming site. And the total action for a day is one million dollars. The site would net $40,000-$50,000. I'm quoting a lofty number, but again, the key is volume. The most viable group to find volume for a venture of this sorts; Asians!"
I like to end every post of mine with a thought I'm having...Call it the village idiot thought of the day. "A well run gaming site is going to net 4-5%. The key is volume! An effective growth strategy aimed at Asian businesses and consumers would provide that volume! Think of it this way: If you've got 10,000 people signed up for a gaming site. And the total action for a day is one million dollars. The site would net $40,000-$50,000. I'm quoting a lofty number, but again, the key is volume. The most viable group to find volume for a venture of this sorts; Asians!"
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