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But even with this approval, Bally and IGT still have to wait for individual casinos to be licensed for this sort of gaming.

Many people await the day when online poker is fully licensed and regulated in the US, but visions of 2005 or anytime pre-Black Friday are likely to bring disappointment. Even worse is the unwillingness to accept anything less than what we had before.

More than 30 companies have now submitted applications to operate an online poker site in Nevada, with Wynn Resorts being the latest to join the growing list.

In April, Wynn was in talks with Zynga (NASDAQ:ZNGA), the world's largest social gaming developer, to form a strategic online partnership. (See our previous post: Wynn Takes Hard Look At Online Gambling Market With Zynga) Speculation is rife that Wynn is interested in partnering with Zynga for this project. Zynga enjoys a dominating position in the social gaming industry and has about 232 million average monthly active users across 166 countries.

"The bill, called the Internet Gambling Consumer Protection and Public-Private Partnership Act of 2012, would allow for $30 million licenses for gambling outfits with whom Zynga could potentially partner to offer online poker to players within California. The California legislation stalled earlier this year, but may yet be reprised."

Your mission, should you choose to accept it: experience the newest entertainment-style video slot from Aristocrat - Mission: Impossible. Featuring a wide area progressive jackpot with a $250,000 top award, this is an operation rich with ways to win, including three local area progressive jackpots, and a low 150 max bet that encourages every agent to shoot for the big prize. Espionage meets excitement with six great bonus features and 1-cent 50-credit minimum bet, and the fact that it's a Reel Power™ base game (25+25 credit ante bet) makes Mission: Impossible a true high-value target. There's no way this one will stay covert on your slot floor. The premium packaging includes the VERVE hd™ cabinet, licensed game theme, overhead signage and an amazing surround sound chair. Here's the intel we can give you: 31.5" portrait monitor with the award winning Nteractiv™ LCD programmable buttons, high-def 1920x1080 graphics via the advanced GEN7X™ platform, interactive edge lighting, and 3D panoramic digital audio with player-adjustable sound. Durable, low-maintenance surfaces and sleek, stand-out design ensure mission success, and ergonomic seating and controls help keep your operatives in the game longer. This is an experience unlike any other - which means it won't stay top secret for long!

Sweden's refusal to open up its gambling market means it is missing out on billions in tax revenue and is hindering the growth of its online gambling industry, Casinoonline.se report concludes. Sweden may be missing out on billions of Krona in tax and licensing revenue, as well as jeopardizing the continued growth of one of its key high tech industries, by not opening up its online gambling market to competition. This is the conclusion reached in an in-depth report conducted by Casinoonline.se, a leading online casino portal.

Let's start with the obvious: When it comes to the green stuff, no game company is, well, playing games. But Zynga is about to enter a whole new playing field. CEO and co-founder Mark Pincus recently announced that his social gaming giant will enter the real-money gaming (or online gambling) business outside the U.S. in 2013. In fact, Zynga already has products in the pipeline. "What we've said, and what we have to announce today, is that we have our first products in development and that we intend to release them in markets that are regulated and open, subject to our getting licensing," Pincus said during an unfortunate analyst conference call, TechCrunch reports.

Online poker could be just months away in Nevada, and Gov. Brian Sandoval said he's comfortable state regulators are taking appropriate steps to license operators while protecting the public.

The answer to the question posed in the title of today's hearing - "Is There a Safe Bet?"- is a clear yes. That safe bet can be found in the licensing and regulation of online poker. The risky bet would be to leave unchanged current law that leaves consumers, minors and those with gambling problems vulnerable to unregulated offshore companies.