Silicon Valley is looking to model itself upon Las Vegas for its next generation of profits writes David Streitfeld:

• Tech startups are looking to create casino-style games where real money is wagered on platforms such as smartphones and tablets.
• These startups are currently focused on countries other than the United States as the legal framework for online gambling is clearer there.
• Traditional casinos and those opposed to gambling on moral grounds are lobbying against Silicon Valley’s efforts.
• Yet the rewards are so lucrative the market will inevitably open up. Online betting generates $32 billion in revenue outside the US – almost as much as the entire American casino market.
• Games like Diablo III have already sort of experimented with it. Players can sell their randomly generated online items for cash.

Read more about the Valley’s efforts, examples of some of the case studies around, and why Chris Christie has spoken against it (not for the reason that you may think) over here.

Source: The New York Times