Posted on 10/03/2006 4:33:53 AM PDT by baystaterebel
Millions of U.S. online gamblers - and the offshore companies that take their bets over the Internet - began scrambling to find workarounds Monday after Congress passed a law meant to quash the burgeoning business of online wagering. The new rules, which were approved by lawmakers on Saturday and now await President Bush's signature to become law, would ban U.S.-based banks or credit card companies from processing payments for gambling activities that are illegal here. Some of the estimated 12 million to 20 million U.S. online gamblers, commiserating in online forums, already said they planned to set up overseas bank accounts. Together, those gamblers contribute more than half the industry's estimated worldwide annual revenue of $12 billion, according to estimates provided by University of Pennsylvania's Annenberg Public Policy Center.
(Excerpt) Read more at marketwatch.com ...
The more I read about this idiotic bill the less I become worried about it. The goverment cannot refuse to let you deposit money into a forgien account. They at best can tax what you recover back from that account.
Most serious internet gamblers WANT it to be regulated because of the security it would afford. But this simple fact is lost on many a skull of mush.
Add to this that most likely the WTO will get involved and this bill is nothing more then a cheap card trick to amuse the religous right.
So let it be known.......
"I'm ALL IN!"
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
My skull is mush too over this. I thought this had to do with interstate commerce as well. You know, the same reason you can't buy a lottery ticket with a credit card. Be easy, I didn't read the entire bill.
sounds plausible, but most of the offshore sites are already banning US players because of this nanny state BS. I started withdrawing from them last week. These politicians TAKE my $$ to pad their retirement but I can't play a $ 2. sit and go poker game from the comfort of my home. But I could drive 2 hours to Biloxi and blow thousands ? What a crock!!!!
The whole thing's amusing. THIS is what it takes to wake up the sheeple? God help us.
I'm viewing it as a learning experience for people. My son likes to play online poker. Now he'll be setting up his first offshore account at 22 rather than at 40.
Thats great,while he is at it tell him to take the odds on the republicans to get voted out of office for late night slippery legislation bills invading peoples personal space.
Also,tell him not to worry...he won't get hit on,he is much to old for these righteous righties.
I dont gamble and I know nothing of the way this thing works, but I would amek a small wager.
If the Government thought this wouldnt hurt their Lotto and Keno games and they could figure a way to rake off 10% there wouldnt be any objections.
I heard that Party Poker did stop its U.S. Face of its operation but I think its more of a tactic to get some flames going under a few arses.
Also to make a point I made on another thread.
Some are under the impression that playing online poker is illegal and falls under the 1961 Wire Act. This is not true.
From Wikipedia:
"The Interstate Wire Act of 1961, often called the Federal Wire Act, is a United States federal law prohibiting the operation of certain types of betting businesses in the United States. It begins with the text:
Whoever being engaged in the business of betting or wagering knowingly uses a wire communication facility for the transmission in interstate or foreign commerce of bets or wagers or information assisting in the placing of bets or wagers on any sporting event or contest, or for the transmission of a wire communication which entitles the recipient to receive money or credit as a result of bets or wagers, or for information assisting in the placing of bets or wagers, shall be fined under this title or imprisoned not more than two years, or both.[1] The law has been interpreted by some, including the Department of Justice, to mean that all online gambling is illegal. However, U.S. Courts have ruled to the contrary. Also, many believe the phrase "in the business of" means only businesses are affected. Some argue that the law only covers sports betting, and not other forms of gambling such as poker.
The U.S. Fifth Circuit Court of Appeals has ruled that the Wire Act applies only to sports betting and not other types of online gambling.[2] The Supreme Court has not ruled on the meaning of the Federal Wire Act as it pertains to online gambling."
They wouldn't drop their usual 50% take down to 10%...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.