Government Delays New Ban On Internet Gambling
The Installer writes with this quote from the Associated Press:
"The Treasury Department and the Federal Reserve are giving US financial institutions an additional six months to comply with regulations designed to ban Internet gambling. ... The delayed rules would curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling. They had sought a 12-month delay in implementing provisions of the Unlawful Internet Gambling Enforcement Act that Congress had passed in 2006. ... US bettors have been estimated to supply at least half the revenue of the $16 billion Internet gambling industry, which is largely hosted overseas."
Implementing this _might_ hurt US financial institutions. It will not reduce internet gambling.
more cowbell
Is there any American out there who can explain to me how it's somehow "wrong" when somebody chooses to risk their money betting on poker or blackjack games, but it's perfectly acceptable (and even promoted as a "patriotic duty") to gamble in corporate stocks that often offer greater risk and worse returns?
Which part of this plan isn't going to work out too well? Am I missing something obvious...?
No sig today...
Antigua? how long be for they get to use free ip of us software and movies / music from the us over this?
A site called zookz tried this. $9.99 per month for unlimited downloads of 1500 movies & 50000 music tracks.
They claimed a WTO ruling allowed them to do this. It disappeared after about 3 days.
I am a free slashdotter. I will not be modded, blogged, DRM'd, patented, podcasted or RFID'd. My life is my own.
the most you could do was rack up (a debt of) credits for the door games
I think the government should only be involved in online gambling to prevent fraud and enforce contracts.
Anti-gambling advocates would claim that telling customers "you can win" is itself fraud.
A hundred bucks this ban gets overturned by Congress before six months is up.
Norris Normal - Who am I?
Why can't we have on line sports betting in the us?
We can tax it and make money off it vs not getting tax on the people who sent there money to places out side of the us to do the same thing.
Does this mean I can't buy lottery tickets online anymore?
Set your phasers on "funky"!
Don't forget to include "buying stocks on-line." After all, the stock market IS gambling.
And "mail-order Russian brides."
And "Investing in Internet companies".
These all meet any definition of online gambling that would include wagers on the outcome of an event, same as betting on horse races, football games, and powerball draws.
Of course, this doesn't mean diddly outside of the USA which makes it pure posturing for the rubes back home in BF, Iowa.
Cheers!
Please do not read this sig. Thank you.
It makes no sense why gambling on Sports is illegal, while you can go to Nevada and get ripped off on unfair odds in poker or craps. At least with sports there is a 50\50 chance, well... depending on who is the better team. I don't see a problem with gambling on sports as long as it doesn't get corrupted.
Internet gambling is just one facet of the real problem.
Somewhere along the line we changed from being citizens of the government to dependents of the government. We lost much of our freedom to do as we wish with minimal intrusions by the government. Phrases such as "For the good of all", "It's for your own good", "It will save many lives.", and of course the classic that's applied to far to many situations, "It's for the children.".
I'm not saying there isn't a place for government meddling, just that it should be kept to a bare minimum with a very high burden of proof to create and just to make sure, it should regularly expire and have to pass the same burden to reenact.
The real fact is, you are not free unless you have the right to fail. Gambling away your life or house is fail. I believe they used many of the same arguments to enact prohibition as they are using for gambling now. Think about it.
Ward
. Silence! Be thankful thy species is unpalatable! .
What about eBay? Buying something from China for 99 cents is a risky gamble too!
Poker is my life and I'm a professional player who makes my living off Poker. The passing of the UIGEA will stop many others playing this game online. The games will get harder because the drunk guy who comes home and decides to have a game of Poker will not be able to. Also the talented teenager who could be the next Tiger Woods of Poker will have his potential lost due to a retarded law and instead be working at MacDonalds.
Why live casino Poker is allowed but online isn't, doesn't make much moral sense. Lucky I'm from the UK where the laws wrt to Poker *actually* make sense.
I do not have the time to Google for this, but I was under impression that WTO ruled against US on this very issue. It seems weird that nearly all states have gambling, but now, we are against gambling offshore via the net??????? What total garbage.
I prefer the "u" in honour as it seems to be missing these days.
If the wording in the summary is accurate and "settling a debt" is prohibited what is to stop the sites from charging a "membership fee" or a "security deposit" before you gamble. Then they deduct the loss from the amount you have already deposited. The transaction is made before you actually owe anything so it's not "settling a debt."
When the only tool you have is a claw hammer every problem starts to look like the back of someone's skull.
You should be personally responsible for preventing me from breaking into your house, murdering you and your family, and stealing all your possessions. If you can't be personnaly responsible, then you don't deserve life, liberty, or the pursuit of happiness (wealth).
Over-the-top Response Guy! Giving "Over-the-Top Responses" since 1970.
I am serious... however, one has to come up with a measure of success before something can be called a failure.
Argumentative types (clever fools) will claim anything they want is a failure by setting their own success levels to meet whatever their goal is; possibly being inconsistent as well.
Field of Dreams got it wrong: If people want it, somebody will build it.
The problem is one of regulation. Internet gambling is not regulated and therein is the problem. Corporations (and their websites) can outmaneuver the governments in the 'free' market and obviously in the black market (the more 'free' the market the more it resembles a black market; clearly not to the extreme ends of the analogy.) Mostly, government is upset that they can not TAX (aka regulate) internet gambling and the competing USA gambling interests are not happy either...
I wonder if the ban can hold. The WTO dictates the USA has no sovereignty on such things (they won't openly say it) and so the WTO is punishing the USA for this ban. Last I heard was the WTO was going to involve the media by allowing some nations to violate our copyright as punishment for going against the WTOs ruling against our nation's right to block unregulated gambling.
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Question: When are we going to realize there is a population level where there are not enough viable jobs to go around?
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They had sought a 12-month delay ...
I had seven months in the pool.
Have gnu, will travel.
I'd bet on it.
It passed 317-93, with most of the no votes being liberal Democrats.
http://clerk.house.gov/evs/2006/roll363.xml
The original level is the Mafia-Black Hand- whatever. Your neighborhood bar bookie turns back about 95% of his gross as winnings, and they do pay off on the big bets. They normally don't let you bet above your established band if you get a hot tip. They will also smash your kneecaps or go after your kids if you fall into debt.
Second level is Las Vegas and Atlantic City. They pay back in winnings about 45% of the gross. They will let you gamble your life away, your childrens' life, and anything else you can get your hands on, your first night in the casino. They will generally pay off on the big bets. Big losses are almost always dischargeable in bankruptcy.
Third level are the Native American Indian casinos. Like the second level, they'll let you bet anything. Payback is less than 25%. They almost never pay out on the 3 cherries, because there's something always wrong with the machine (their machine, mind you). Because the Indian Reservation is a foreign country under our court rulings, your debts may or may not be dischargeable in bankruptcy. Because Indian tribes don't recognize Habeus Corpus, they can arrest and hold you in jail until you come up with the money, so they don't often have debtors.
What's to stop a US citizen from opening and using a European bank account just for these type of purposes? I would think that dual citizens have es especially easy?
...that casino opeators and state governments don't want to share. I'm not sure how big of a casino lobby there is in Washington, but I guarantee that every state government that collects taxes from casinos and most casino operators are staunchly opposed to internet gambling. Casino gambling has become so common in the US that you can't really support it any more and still argue that gambling is evil or dangerous. How many states have it? Mine, Ohio, finally voted this month to allow casinos. (It's funny how former gambling opponents in office change their tune when they have budget shortfalls, and will even resort to stupid constitutional amendments.) Then there is the issue of state-controlled lotteries, some of which have made moves to attempt to emulate casino gambling more closely and really push their product. But states and politicians say gambling is bad, and a ban on internet gambling is to protect citizens!?!? Internet gambling is illegal in the US simply because it is slightly more difficult to tax and the powers that be are afraid they will lose money on the gambling they control. Nice racket they have going there, eh?
This is a hacked account, for which the owner can not be held responsible.
I said "No I don't... Wanna bet?"
The day Microsoft creates a product that doesn't suck, it will be known as the Microsoft Vaccuum Cleaner!
Its a fallacy to think that people are poor because they deserve to be. For some people it is true but that is not the case for most people.
There are only so many jobs and within that finite set there are jobs that can not provide a living.
Not everybody can be the boss and run their own business, some people have to work FOR a business - many jobs are too big for an individual to perform or perform at the scale to be profitable or competitive. Specialization is the norm and life is too complex for 1 person to handle with limited time/resources.
Many people are BAD at business, but great at everything else - a whole lot of people are bad with money in the USA...
It boils down to this: we are more interdependent than ever before, more specialized, less capable in areas outside our specialty, and get paid less each year while costs continue to rise.
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