online poker

dirkdig

Diabloii.Net Member
online poker

is now illegal
Thank you very much, Mr. Frist. I'd now vote for hillary over you.

Why in the hell does the government get to say how I spend my money/time? Why is it any of their business?
 

Yaboosh

Diabloii.Net Member
I am finding a rather sick enjoyment out of watching the high stakes players who make 500-1000 dollars an hour playing online freak out over this at various forums.

I am rather surprised that Party, a multi billion dollar company, just seems to be rolling over and dying.
 

dirkdig

Diabloii.Net Member
two plus two forums are going crazy.
so am I though, online poker was how I was planning to supplement the measly income I planned to receive from teaching high school... that's why I'm now considering a change in career paths...
Right now I'm making like 200$/month, but once I had real money to work with I could probably make a lot more (I only play at .05/.10 tables)

On friday night, Bill Frist snuck a ban on the financing of internet poker sites into the port security bill. The gist of the measure states that any financial institution that transfers funds to a place where they will be used to wager on the outcome which is determined by chance will suffer 5 years prison time.

So it's still legal to play online poker, but you have no way of getting money on or off the sites (in the U.S.). Other countries are owned too though because most players (and therefore most dead money) comes from the United States.
 

S Z

Diabloii.Net Member
Further interesting info on this: U.K. gambling firms like Party Poker and 888.com have really tanked on this news. At around 12:30 GMT they were down over 50% on their shares.

Unfortunately I wagered 70% and lost my shirt.
 

Yaboosh

Diabloii.Net Member
Meh, we will see how this pans out. Bush hasn't signed it into law, and even though 888 and Party have bailed as a precaution, Fulltilt, WSEX, Stars and a few others are sticking it out, at least for the time being.

For you or I, as smaller stakes players, this is obviously a much smaller deal.

One thing, though, is that if Party's shares keep dropping, you may have a pretty good opportunity to buy a bunch up just in case they soon break into a very juicy asian market.
 

Rius666

Diabloii.Net Member
OMG I can't believe this news. I was going to register for online poker at Pokerstars, but I guess that won't be happening anytime soon. This has to be overturned somehow. I don't see how any of the major online sites or professional players can just stand by and do nothing.
 

Yaboosh

Diabloii.Net Member
The professional players are mostly 18-24 year old kids who don't know crap about this process and have just been running around in circles freaking out about the sky falling down. I am not shocked about their ineffectiveness.

What I am shocked about is how poorly the $20B businesses did in protecting themselves. They have to have some sort of lobby group.
 

dirkdig

Diabloii.Net Member
the PPA (poker players association) has been doing a great deal of lobbying, as have the banks themselves. Neither one was able to work this time.

Actually, the lobbying did a great deal of good, as the bill failed to pass the first time. Unfortunately, Frist was able to add it as a rider to an uncontroversial bill that had no chance of being overturned, the port security bill, which was voted for 98-2 or something like that.

I've never understood why unrelated riders were allowed, it seems like their only function is to subvert the democratic process through underhanded tactics.
 

dirkdig

Diabloii.Net Member
alexzed said:
One word.

Offshore. Gambling. Web. Sites.
they already are located offshore, every one of them--the US does not allow gambling websites based in the US under the terms of the Wire Act.
The banks aren't located offshore, and it's the financial institutions that are being regulated. It's very difficult to set up an offshore bank account, and even if I could do that the people that are really bad at poker that I make money from won't be going to all that trouble, only the pros will so I'll lose anyways
 

S Z

Diabloii.Net Member
Unfortunately, some deeply unwise pension plans in the UK included these types of shares in their portfolio. Just what Britain needed, another pensions hole.

Bloody idiots.
 
This is easy to get around. Offshore money.

An online gambling version of PayPal is going to be created offshore. Online gambling is going to be hosted offshore now. This law changes nothing except how the money is transfered. As usual, the law of unintended consequences kicks our congrescritters in the brown eye and nothing else changes.
 

dirkdig

Diabloii.Net Member
Evil Conservative Inc said:
This is easy to get around. Offshore money.

An online gambling version of PayPal is going to be created offshore. Online gambling is going to be hosted offshore now. This law changes nothing except how the money is transfered. As usual, the law of unintended consequences kicks our congrescritters in the brown eye and nothing else changes.
neteller is what you're talking about, or firepay
both seem to be denying service to US customers entirely (neteller already did so with the state of maryland)
 

dirkdig

Diabloii.Net Member
Talga Vasternich said:
....and when the "offshore bank" decides it's done, all the people who put money into it see their money go *poof*.
any "offshore bank" that helped americans put money into a gambling site would face arrest were they ever to come to america
 
dirkdig said:
neteller is what you're talking about, or firepay
both seem to be denying service to US customers entirely (neteller already did so with the state of maryland)
That's going to be the problem to get around. I'm sure some enterprising feller with some of that thar intarwebs tubes learnin' stuff can figger sum'n out.

Talga said:
....and when the "offshore bank" decides it's done, all the people who put money into it see their money go *poof*.
That's why it's gambling:thumbsup:
 

bg1256

Diabloii.Net Member
It sure seems to me that this will be overturned eventually.

It's a mult-million (billion maybe? idk) industry. There's no way these companies won't hire fancy lawyers and get it overturned. But, it might take a while.
 
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