UIGEA Could Be Stillborn

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  • bigboydan
    SBR Aristocracy
    • 08-10-05
    • 55420

    #1
    UIGEA Could Be Stillborn
    UIGEA Could Be Stillborn
    19-11-08

    In America, Democrats in Congress are considering using a piece of Clinton-era legislation to overturn any White House policies finalised after the election including the rules to enforce the Unlawful Internet Gambling Enforcement Act (UIGEA).

    Despite the fact that President George W Bush had only 68 days left in office, the US Department of the Treasury and the Federal Reserve Board published their final regulations for the implementation of UIGEA last week over protests from politicians and the American financial sector. President Bush is now set to sign the new rules into law on January 19, one day before Barack Obama is sworn in as the 44th President of the United States.

    However, according to a piece in Washington, DC-based publication Politico, Democrats are considering using the little-known Congressional Review Act (CRA) of 1996 to overturn anything ratified by the White House after November 1. The legislation contains a clause that determines any regulation finalised within 60 legislative days of Congressional adjournment to have been legally passed on the fifteenth legislative day of the new Congress, which would likely be sometime in February. Congress would then have 60 days to review it and reverse it with a joint resolution that could not be filibustered in the Senate. As the Democrats now control both the House of Representatives and the Senate, any regulation finalised in the last half-year of the Bush Administration could be wiped out with a simple party-line vote.

    Congress last used the CRA in 2001 to overturn a Clinton Administration ruling that set new requirements for ergonomic workspaces. However, aides to both House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid were quoted as stating that no decision had yet been made on how to deal with any Bush Administration regulations finalised after the deadline.
  • WileOut
    SBR MVP
    • 02-04-07
    • 3844

    #2
    This would cause the offshore industry to explode in growth like it never has before. This would be a dream come true.
    Comment
    • SSLP
      SBR Hall of Famer
      • 02-29-08
      • 5232

      #3
      That means i would get one hell of a raise
      Comment
      • durito
        SBR Posting Legend
        • 07-03-06
        • 13173

        #4
        Originally posted by WileOut
        This would cause the offshore industry to explode in growth like it never has before. This would be a dream come true.
        How so?

        No one is willing to replace neteller.

        This would just leave it the way it is now.
        Comment
        • punchmaster
          SBR Sharp
          • 09-29-05
          • 322

          #5
          Originally posted by durito
          How so?

          No one is willing to replace neteller.

          This would just leave it the way it is now.
          Is it saying that Democrats could wipe out the whole UIGEA all together?? Then wouldn't Pinny and other books come back?

          Or could a vote just wipe out "final regulations". Seems a shade confusing. Didn't realize how good it was with Pinny and Neteller around but of course I just got started in 05.
          Comment
          • durito
            SBR Posting Legend
            • 07-03-06
            • 13173

            #6
            Originally posted by punchmaster
            Is it saying that Democrats could wipe out the whole UIGEA all together?? Then wouldn't Pinny and other books come back?

            Or could a vote just wipe out "final regulations". Seems a shade confusing. Didn't realize how good it was with Pinny and Neteller around but of course I just got started in 05. Someone show me a picture of this Bill Frist piece of crap.

            Neteller had nothing to do with the UIGEA. Pinny will not come back unless they specifically legalize it.
            Comment
            • WileOut
              SBR MVP
              • 02-04-07
              • 3844

              #7
              Originally posted by durito
              How so?

              No one is willing to replace neteller.

              This would just leave it the way it is now.
              Public perception mainly. UIGEA has done damage to the offshore world not because of what it actually did or will do regulation wise, but mainly because of the idiots who withdrew all their money when it was passed thinking "The USA has just outlawed online gambling and I will go to jail if I continue betting".

              The headlines would say things like "UIGEA repealed", "Online gambling legalized", etc. Just like when the UIGEA was passed the headlines said "Online gambling outlawed in the US". Which of course was not true but idiots are idiots and they did not actually look into it. They just took their money out and went with locals.

              If the UIGEA was repealed it would just make the feds slow down in their attempt to take down processors. I think the Obama era Feds are going to be much more laid back in regards to online gambling anyway, but if a repeal of the UIGEA happened the banks would completely back off and the feds would back off the industry even more. It would run much smoother.

              Its not going to be good once banks start implementing the UIGEA. It could have a potentially catastrophic effect on the offshore industry if I am wrong and they really go after processors and banks hard. Which is very possible as it stands now. A repeal would remove this possibility.

              Public perception though is the main thing. Business would explode offshore.

              And I'm not sure but Pinnacle would not have any reason to not come back if they took away the UIGEA. Sports gambling will never be legalized online because of the wire act and the Bill Bradley BS Act. If anything becomes legal online it will be poker and then maybe casinos. But never sports. Pinnacle would be very tempted to come back if a repeal happens.
              Comment
              • durito
                SBR Posting Legend
                • 07-03-06
                • 13173

                #8
                I don't see pinny coming back without a neteller type payment process in place.

                They pride themselves on paying out instantly any amount of cash. None of the US facing books can do this today.
                Comment
                • WileOut
                  SBR MVP
                  • 02-04-07
                  • 3844

                  #9
                  Well there will be plenty of other choices. Matchbook is the best thing US bettors have going now. If people would realize that a bankwire is not any harder to do than ** or ** then we would see much more liquidity there.

                  .......ok so a bankwire takes a few days. Cry me a river.

                  Get off your butts and wire money into this book and save tons of money people.
                  Comment
                  • durito
                    SBR Posting Legend
                    • 07-03-06
                    • 13173

                    #10
                    I agree, I think it's easier.

                    But in terms of getting money out. It's $3,000 max a day and they were bouncing checks a few weeks ago.

                    I don't see pinnacle ever limiting themselves to something like that.
                    Comment
                    • Thremp
                      SBR MVP
                      • 07-23-07
                      • 2067

                      #11
                      Durito,

                      I'm not worried about Pinny. The massive influx of stupid money eventually trickles its way down to my hands. If I could find 10 SIA/VIP "clones", I'd gladly punt all my top tier books.
                      Comment
                      • durito
                        SBR Posting Legend
                        • 07-03-06
                        • 13173

                        #12
                        Originally posted by Thremp
                        Durito,

                        I'm not worried about Pinny. The massive influx of stupid money eventually trickles its way down to my hands. If I could find 10 SIA/VIP "clones", I'd gladly punt all my top tier books.
                        As would I.
                        Comment
                        • Brock Landers
                          SBR Aristocracy
                          • 06-30-08
                          • 45359

                          #13
                          i say leave it alone..they think they killed offshore gambling with this stupid law which did next to nothing. Killing it will try to bring back other laws.
                          Comment
                          • WileOut
                            SBR MVP
                            • 02-04-07
                            • 3844

                            #14
                            They are more likely to add more online gambling laws with UIGEA in place than if it was repealed Brock. I don't think people understand what could possibly happen because of UIGEA. It could be very bad.

                            It needs to go.

                            Something that I am just as worried about though is Barney Frank next year putting a bill through that legalizes poker and maybe casino and throws sports gambling under the bus. This would be added to the UIGEA if UIGEA stays.

                            Barney Frank will try to get UIGEA repealled first though and I respect him for that. But if he cannot accomplish that, I bet the PPA and AGA will get him to screw sports in favor of poker.
                            Comment
                            • betbetter
                              SBR High Roller
                              • 12-30-06
                              • 184

                              #15
                              UIGEA in and of itself is'nt the worry. Even with the new "regulations". Processing US $$ has seen the same obstacles for years. The voracity they went with to knock out Neteller and scare anything similiar from starting up is what took 40% off the industry.
                              Comment
                              • WileOut
                                SBR MVP
                                • 02-04-07
                                • 3844

                                #16
                                Originally posted by betbetter
                                UIGEA in and of itself is'nt the worry. Even with the new "regulations". Processing US $$ has seen the same obstacles for years. The voracity they went with to knock out Neteller and scare anything similiar from starting up is what took 40% off the industry.
                                I agree.

                                And UIGEA probably won't be much of a hassle, but there is a small chance that it could be. Especially if other legislation is added to it. We don't know what the effect of the UIGEA will be yet because most banks have not yet implemented anything with regards to the UIGEA. The banks have until December 1, 2009 to implement their regulations so most have probably not even started yet. It will be December of 2009 before we really know how effective the regulations are.

                                That is if the UIGEA makes it that far.
                                Comment
                                • Dark Horse
                                  SBR Posting Legend
                                  • 12-14-05
                                  • 13764

                                  #17
                                  UIGEA will be easy to repeal by Dems because banks have enough problems as it is. That's the angle opponents should take, by the way: 'How dare you put more pressure on banks in the present economic climate?' Throw that out in the media enough, and see what happens.
                                  Comment
                                  • robert715
                                    SBR Sharp
                                    • 09-06-08
                                    • 251

                                    #18
                                    Originally posted by Brock Landers
                                    i say leave it alone..they think they killed offshore gambling with this stupid law which did next to nothing. Killing it will try to bring back other laws.
                                    I'm with Brock on this one. I am still able to use my CC at a certain A plus book. I requested a payout of $2,750 on Monday of this week and got paid 2 days later by check. Do I miss *******? (I was a ******* guy, not netteller). Sure. The best part of the Bill is it actually prohibits the government from going after individual gamblers. That's GREAT.
                                    Comment
                                    • John Dough
                                      SBR MVP
                                      • 09-21-05
                                      • 1785

                                      #19
                                      Originally posted by robert715
                                      I'm with Brock on this one. I am still able to use my CC at a certain A plus book. I requested a payout of $2,750 on Monday of this week and got paid 2 days later by check. Do I miss *******? (I was a ******* guy, not netteller). Sure. The best part of the Bill is it actually prohibits the government from going after individual gamblers. That's GREAT.
                                      The government was never going after individual gamblers anyway.

                                      Not trying to be an ass, just saying I don't think that was ever a concern pre or post-UIGEA.
                                      Comment
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