Your take?
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My take:
Superior books or precessors like Pinnacle or Neteller no longer available to Americans (unless one wants to go to the hassle of setting up "residence" in another country).
Reduced "banks" for offshore bettors, due to paranoia about where or when the regulators will strike next.
Inability to move money quickly, a key issue for some bettors.
Seems like a victory for the Bush admin . . .
BUT --- loads of Americans are still happily wagering offshore, or on the phone to offshore. Especially right now.
In their 230 years of history Americans are well known to pick and choose those laws they opt to obey. Started with the Boston Tea Party . . . . Prohibition, the entire country became a nation of law-breakers . . . . . Last 50 years potheads and other recreational drug users have committed crimes daily. The list goes on. Even ex Gov Spitzer decided on his own that some laws are too burdensome!
The ban has also embarrassed the cheerleaders of free trade. Can't be free when USA bans things legal elsewhere, and closes their vast market.
So, UIGEA hasn't been all Psalms and Proverbs for the Bushites.
And to come? Hil and Barak have massive and horribly expensive social programs in the works. (Think billions.) And "boots on the ground" John wants to expand America's already bloated Empire. (Think trillions)
Possible future scenario: (White House Advisor): "Mr(s) President, we desperately need more sources of revenues. Let me make a suggestion , . . ."Comment -
Interesting.
Replacing the word "bush-te", an acolyte of Bush, with a turd pile in the middle . . . .
Robot or polit comment?Comment -
Let's see, there's a certain kind of Japanese mushroom . . .
Ot to a crying child: Hush-t up
"No, I don't want to push it that much." Be sure you use the space bar!
What fun!Comment -
It has been a failure
The number of local bookies has increased, more bettors are using local bookies than ever before, I am sure so many local bookies are sending their profits to banks offshore,...
This administration has fukked up in so many waysComment -
People
Betting like crazyComment -
I doubt less people are betting because of this ban. People just go through local bookies or do offshore. What I really am curious about is how much of an increase with offshore betting took place after the ban.Comment -
Prohibition on Internet Gambling a Failure
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Prohibition on Internet Gambling a Failure
U.S. Federal Reserve, Treasury Department and Financial Service Companies Call Proposed Rules Unworkable
( Washington , D.C. – April 2, 2008) Expert testimony to Congress today offered further evidence that the ban on Internet gambling won’t work. Witnesses unanimously agreed that U.S. financial service companies would face serious regulatory burdens in attempting to enforce the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), a law that is not likely to stop millions of Americans from gambling online.
“Testimony from the federal regulators and representatives of the financial services community made clear today that the prohibition on Internet gambling isn’t working now and will not work in the future,” said Jeffrey Sandman , spokesman for the Safe and Secure Internet Gambling Initiative. “ U.S. banks and credit card companies, along with every other type of U.S. company involved in payment systems, would be forced to spend substantial resources to comply with a ban on Internet gambling that can be easily circumvented by anyone in the U.S. that wants to continue to gamble online.”
Representatives of the U.S. Department of the Treasury and Federal Reserve System acknowledged at the hearing the challenges U.S. financial institutions will face in attempting to comply with UIGEA. Since most payment systems are not well designed to comply with this law, “it will be very difficult to shut off payment systems for use of Internet gambling transactions,” said Louise Roseman, Director, Division of Federal Reserve Bank Operations and Payment Systems, Board of Governors of the Federal Reserve System. "The implementing statute will not be iron clad at all."
Representatives from the American Bankers Association, Financial Services Roundtable, Wells Fargo & Co. and Credit Union National Association unanimously opposed regulations proposed to implement UIGEA in testimony to the House Committee on Financial Service’s Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. They all questioned the fundamental approach taken by Congress in enacting legislation to force financial institutions to police online gambling.
“The UIGEA and the Proposed Rule do not provide a rational path towards halting unlawful Internet gambling,” said Wayne Abernathy, American Bankers Association’s executive vice president of financial institutions policy and regulatory affairs. “The path leads to an increased cost and administrative burden to the banks and an erosion in the performance of the payments system, but it will not result in stopping illegal Internet gambling transactions. Imposing this enormous unfunded law enforcement mandate on banks in place of the government’s law enforcement agencies is not likely to be a successful public policy.”
Mr. Leigh Williams, president of the technology division of the Financial Services Roundtable stated in his testimony concerns that enforcement of the proposed rules “could impose significant compliance burdens on financial institutions by increasing their role in policing illegal activities, determining whether a transaction is illegal, or by imposing ambiguous compliance requirements that could be subject to wide variations in interpretation by regulators and law enforcement agencies. We believe these functions are more appropriate for law enforcement agencies.”
The testimony supports over 200 comments submitted to the Department of the Treasury and Federal Reserve System on the burden and ambiguity in the proposed rules to implement UIGEA.
“Rather than trying to implement a ban that is unclear, burdensome and doomed to fail, Congress should instead look to regulate Internet gambling in order to protect consumers and collect billions of dollars that is being lost to offshore Internet gambling operators,” added Sandman.
Congressman Barney Frank (D-MA) introduced the Internet Gambling Regulation and Enforcement Act (H.R. 2046) last year, which establishes a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the U.S. It would include a number of built-in consumer protections, including safeguards against compulsive and underage gambling, money laundering, fraud and identity theft. States would also have the right to control what, if any, level of Internet gambling is permissible within their borders and could apply additional taxes and restrictions.
A companion piece of legislation to the Frank bill introduced by Congressman Jim McDermott (D-WA), the Internet Gambling Regulation and Tax Enforcement Act of 2008 (H.R. 5523), would ensure the collection of taxes on regulated Internet gambling activities. According to a tax revenue analysis prepared by PricewaterhouseCoopers, taxation of regulated Internet gambling is expected to generate between $8.7 billion to $42.8 billion in federal revenues over its first 10 years.
Testimony provided at the hearing can be found at http://www.house.gov/apps/list/heari...hr040208.shtml.
About Safe and Secure Internet Gambling Initiative
The Safe and Secure Internet Gambling Initiative promotes the freedom of individuals to gamble online with the proper safeguards to protect consumers and ensure the integrity of financial transactions. For more information on the Initiative, please visit Safe and Secure Internet Gambling Initiative. The Web site provides a means by which individuals can register support for regulated Internet gambling with their elected representatives.Comment -
it worked on me. i do very little gambling these days. i have turned my attention to the stock market for my gambling/investing. sports gambling is a lot more of a hassle now.Comment -
can't move the money around with ease as used to. bet less now. books get to keep your money longer, that means you'll have a higer chance of going bust.Comment
