Congress may regulate internet gambling

[WWTSblows]

Good news: http://www.house.gov/apps/list/press...ss042607.shtml

Bad news:
They give a way for sports leagues to opt-out of allowing wagers on their sports (which most will most likely do)

[SBR_John]

This is a good first start. A few years ahead of its time but shows what the future framework will look like.

[Seattle Slew]

Faces an uphill battle, but the good news is somebody in Congress is stepping up and taking on A-holes like Kyl and Goodlatte.

[Carlos019]

Does anyone know how long a process to repeal this law would actually take?

[WWTSblows]

They plan to take it to committee in June.

[jjgold]

It will take a long time, by then offshore gambling could be crippled.

[tblues2005]

I think it will take time but I think they are listening to the WTO on this issue and the European Union also. I somehow think that there is plenty of angry people out there that do not like what they did pass and it is starting to show. I somehow think that they will regulate it strictly and give companies a license and charge them a big fee so they can monitor them very closely and make sure they are paying U.S. clients. I think some of them wasn't paying customers and they heard them complaints and that is possibly why they passed this law in the first place and they didn't take in consideration that there is plenty of really good books also that will pay players quickly. I can see it passing after Bush is out of office though because he hasn't been getting along with the Democrats at all right now anyways. All the Democrats have to do is stick this in with the bill for funding the war without a deadline and he will be forced to sign it. I think they are leaning in the right direction on this issue and maybe even Vegas could push it to pass so they can get in on the action too. I think it would be great!

[mesa777]

This who deal is a bunch shit anyway.... all the govt cares about is its tax money and the lobby people from Vegas dont want internet gambling taking money from them... its all money, nothing else... Wish the govt would wake up and listen to the people... ITS OUR MONEY, LET US SPEND IT AS WE SEE FIT... If I want to gamble on a game I should be able too without hastles... no one regulates stock traders, of I forgot, its all about the good ol' $$$$

[Seattle Slew]

Well said. The government doesn't give a rat's rear about US gamblers getting stiffed. They will bust anyone who comes into the country, whether they run a good or corrupt book.

Glad Barney Frank at least puts his bill out there.

This who deal is a bunch shit anyway.... all the govt cares about is its tax money and the lobby people from Vegas dont want internet gambling taking money from them... its all money, nothing else... Wish the govt would wake up and listen to the people... ITS OUR MONEY, LET US SPEND IT AS WE SEE FIT... If I want to gamble on a game I should be able too without hastles... no one regulates stock traders, of I forgot, its all about the good ol' $$$$

[increasedodds]

This law is a bunch of BS.

Barney made it sound good to have a hope at passing it.

The moment one book becomes legal, they all become legal...

No bank will know which books are legal...

Every major book would get a license for an affiliate and just transfer funds to themselves where you could bet all leagues. They could do this repetitively as some are closed down.

Plus the US CAN NOT tax companies in other countries.

-Sean

[Halo]

That would be nice if it happens... I think the magic eight ball says, "Don't count on it"

[Dark Horse]

What does it matter what the US government says? Really.
After the way they passed this law, -not that they passed it, but the WAY in which they did it-, how can you possibly take them serious? Unless you think that was an isolated incident.

The present system has nothing to do with democracy, and everything with appearances. There is a big difference between a system that values our choices, and a system that focuses instead of giving us the appearance of choice. And as long as the majority of us doesn't understand that difference, our own government will continue to f*ck us in the ass.

A government that ignores its own people deserves only one thing. To be ignored.

[SBR_John]

sean,
I think you missed where this is going. You indeed can tax gaming companies. If they dont want to be taxed then they cant deal to US citizens. This opens the door for the Vegas casinos. They would probably be the only ones to get a license.

[BuddyBear]

Good post DH....

[sjelveh]

Probably wishful thinking but cmom the NFL has to know not being able to gamble on games will hurt them I bet by football season we might get a surprise hopefully

[SBR_John]

If the books cut the sports leagues in then maybe...

Otherwise I think we have to hope that language about opting out is left out of future revisions.

It doesnt make much sense. So its ok to bet on the NFL in Vegas but not from your home in LA??

[increasedodds]

Sure you can tax gaming companies in Vegas.

What I am saying is as soon as you make some online gambling companies legal, they all become legal basically.

sean

[tblues2005]

sean,
I think you missed where this is going. You indeed can tax gaming companies. If they dont want to be taxed then they cant deal to US citizens. This opens the door for the Vegas casinos. They would probably be the only ones to get a license.

I disagree SBRJohn with you on that, I think it opens up the door for both to enter the market, I think they want to have a regulatory committee for the ones that will not stiff people and just tax them on the profits that they have made from americans I think. I think they need to meet with the WTO and negotiate with them I think and have a resolution to this matter. I think there is an chance that this could work but that is where the U.S. should go is with a settlement of some sort on this issue. I think SBRJohn that everyone will have a chance to get a license to operate in this country I seem to believe.

[magpie]

no one regulates stock traders

Uh, yes they do. Ever heard of the Securities and Exchange Commission?

Rep. Frank's bill is far better than the status quo and would set up a legal framework not much different than what's found in the UK.

[homedog]

Regulation of sports gambling by the US govt is not a good thing.

[goldengoat]

this is horseshit

they try to take it away cause they ain't getting their share

they are then going to reintroduce it in a way ensuring they get their share

extremely predictable and corrupt

pieces of shit

[Carlos019]

I dont understand from a gamblers point of view how can you actually be unhappy about this?

[increasedodds]

SBRJohn,

What is the US gonna do to companies outside of the US who don't apply for licenses?

The US has no ability to stop I-gaming. I can still play at every book I could play at a year ago. Sure it's a little bit more effort, but people playing reasonable amounts of money are going to play the -105s...

The gov will make this like the lottery.. YOu'll get paid like 2/1 on parlays just like in Windsor.

Businesses in England are going to laugh at paying US taxes. How's Ebay gonna like it when England says - hey you can't have buyers in England if you don't charge them a tax... How's Microsoft gonna like it? The idea of taxing companies in another country is ludicris.

No government can regulate the internet. The sooner any government realizes that and works together with businesses, the better.

The best thing the US could ever do is offer to form a list of legitimate books that have submitted financials, are willing to go to binding arbitration over disputes, and are willing to age verify people as being over 18. Books would jump to be on that list, but the idea of making outside companies hand over user names, pay taxes, etc will just push the "fugitives" further offshore.

It is not going to pass anyways, so it really doesn't matter.

I just wish someone would open up a new neteller - at least to Canada.

Sean

[Willie Bee]

I'm pessimistic as well, increasedodds, on the chance of this passing without a lot of changes in committee.

And you're right, the US would be boxing with their hands tied behind their back going after outfits outside America who aren't licensed and still taking on US players. However the feds could jump on the American players who play at those sites, and jump on 'em with both feet. And if you take away their customers, through actual arrests, fines and/or prison time, then you will force those outfits to either get their i's dotted and t's crossed or be happy with a non-US clientele.

[TLD]

So basically it’s completely and utterly useless and changes nothing.

All the things the United States government has done that have made it less safe and less profitable to bet on sports remain. The Wire Act, the UIGEA, the arrests of any book owners or money transfer company owners that come to this country, the crackdowns on agents, and so on and so forth, remain as is.

The only thing added is that there may be a way for sites offering poker and casino games and such online to get licensed and regulated. Not sports, as they may “opt out” (which 100% of them will automatically do, since, regardless of what we might speculate about how they “really” favor gambling as a boost to the popularity of their sports, they cannot and will not say that publicly or make an open, public decision like this that implies such).

As far as companies getting licensed to offer what’s permitted, and then simply allowing transfers to some affiliated outfit where we can bet sports, I don’t see that as plausible at all. So Caesar’s Palace is going to jump through all the hoops and go to whatever expense and hassle necessary to get one of these new online gaming licenses for “Caesar’s Online,” then they’re going to open up an unlicensed “Caesar’s International” for all the things “Caesar’s Online” isn’t allowed to do and allow customers to transfer funds back and forth? Uhh, no. Not when it would take the Gaming Commission or whatever entity is overseeing this about three nanoseconds to find out about that little game they’re playing and strip “Caesar’s Online” of their new license.

So I guess this bill is “good news” if you’re eager to play online virtual roulette against corporate Vegas type entities in a few years in a taxed and regulated environment, but I don’t see how this bill would help my bottom line as a sportsbettor in the slightest.

[durito]

Businesses in England are going to laugh at paying US taxes. How's Ebay gonna like it when England says - hey you can't have buyers in England if you don't charge them a tax... How's Microsoft gonna like it? The idea of taxing companies in another country is ludicris.

Are you serious?

Most every country taxes foreign companies and most every large multi-national company pays taxes in every country they do business in.

[pags11]

I just don't see this happening for a long time...

[SBR_John]

Increase, tblues and others,
I think they will continue to go after the unlicensed offshores. Yes, offshores can apply and receive a license but they will have to pay out the nose.

The US wants the business. Why do you think all the US mega casios make contributions to the anti-gambling politicans??

I just think all you have to do is follow the money to figure out the future for legalized online gaming in the US.