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Posted: Fri, 06 Oct 2006, 2:49pm Post subject:
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Straight Flush
Joined: 02 May 2006
Posts: 4139
WPP: 63
Location: slow motion
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| Xianti wrote: | Long, but very thorough and insightful...
"Legal Landscape of Online Gaming Has Not Changed
Analysis From CardPlayer's Legal Counsel"
Some of the key topics include...
The New Bill Does Not Make Online Poker Illegal
The Bill Does Not Change Existing Gaming Law
Online Poker Is Not Illegal
Hysteria Is Completely Unfounded
The Future
Some Online Sites Are Overreacting
http://www.cardplayer.com/poker_news/news_story/1446?class=PokerNews |
you beat me to it x man. this article is incredibly insightful, and offers hope to everyone. |
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Posted: Sun, 08 Oct 2006, 11:52am Post subject:
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Straight
Joined: 04 Apr 2005
Posts: 194
WPP: 657
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I don't understand people who would not be happy to see Bill Frist going to Hell.
Do you seriously value your civil liberties less than you value the people who would take them away? |
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Posted: Sun, 08 Oct 2006, 3:09pm Post subject:
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Administrator
Joined: 04 Dec 2003
Posts: 1748
WPP: 155
Location: on my laptop
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Posted: Sun, 08 Oct 2006, 4:03pm Post subject:
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Radmin
Joined: 04 Dec 2003
Posts: 5241
WPP: 91
Location: facebook.com/xianti
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Posted: Tue, 10 Oct 2006, 1:01pm Post subject:
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4-of-a-Kind
Joined: 04 Mar 2005
Posts: 3614
WPP: 52
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Posted: Wed, 11 Oct 2006, 4:46pm Post subject:
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4-of-a-Kind
Joined: 04 Mar 2005
Posts: 3614
WPP: 52
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Posted: Wed, 11 Oct 2006, 6:27pm Post subject:
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4-of-a-Kind
Joined: 04 Mar 2005
Posts: 3614
WPP: 52
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Posted: Thu, 12 Oct 2006, 10:28am Post subject:
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OLD MAN RIVER
Joined: 14 Sep 2005
Posts: 3687
WPP: 80
Location: Canuckistan
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Posted: Thu, 12 Oct 2006, 11:13am Post subject:
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OLD MAN RIVER
Joined: 14 Sep 2005
Posts: 3687
WPP: 80
Location: Canuckistan
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Looks like Stars is taking a stance:
PokerStars says U.S. gaming ban does not cover poker
Thu Oct 12, 2006 10:50 AM ET
By Pete Harrison
LONDON (Reuters) - PokerStars, the world's second-biggest Internet poker firm, said on Thursday that a looming U.S. ban on online gaming would not apply to poker, as it is a game of skill, and its business would continue as usual.
The gambling industry was left reeling this month after the U.S. Congress unexpectedly approved a bill that would make it illegal for companies to accept Internet wagers or for banks to process payments to online gaming companies.
The bill defines gambling as the act of staking something of value on "a sporting event or a game subject to chance" and is expected to be signed into law by President George W. Bush on Friday.
"These provisions do not alter the U.S. legal situation with respect to online poker," privately-owned PokerStars said in a statement.
"Our business continues as before, open to players worldwide including the U.S.," it added. "You may play on our site as you did prior to the act."
The stance contrasts with that taken by rival PartyGaming the owner of the biggest online poker site PartyPoker, which last week said the act made it "practically impossible" to provide poker for money to U.S. players.
PokerStars said: "It is important to emphasize that the act does not in any way prohibit you from playing online poker. PokerStars believes that poker is a game of skill."
PokerStars, said by media reports to be owned by the Israeli Scheinberg family, was considering a $3 billion flotation earlier this year, before prosecution of gaming companies in The United States sparked share price falls across the sector.
About $6 billion was wiped off online gaming shares after the arrest of BETonSPORTS former Chief Executive David Carruthers in July on gambling charges, signaling the start of a crackdown.
And a further $7 billion was lost last week after the U.S. Congress approved the anti-gambling legislation early on September 30.
But while many London-listed companies are pulling out of the United States, analysts say most privately-owned companies will be able to continue.
PokerStars is registered in Costa Rica and processes payments through subsidiaries in the Isle of Man and Cyprus. |
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Posted: Thu, 12 Oct 2006, 10:59pm Post subject:
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Full House
Joined: 12 Sep 2005
Posts: 945
WPP: 90
Location: san fernando valley
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There's federal case precedent (Mastercard vs re) that on-line poker is NOT covered by the Wire Act, and the new law simply makes it illegal to fund a site that's illegal under the Wire Act - it doesnt make new types of gambling illegal. So funding a poker site is therefore not made illegal by the new act.
Sportsbetting is the only "gambling" currently illegal and covered by the Wire Act, and the only internet sites that are covered by the new act. I just wish the poker sites would figure that out. |
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Posted: Fri, 13 Oct 2006, 12:21am Post subject:
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Full House
Joined: 12 Sep 2005
Posts: 945
WPP: 90
Location: san fernando valley
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| If they didn't have the [url=http://www.flopturnriver.com/reviews/Online-Poker-SportsbookPoker.php]Sportsbook[/url] business, they could just keep US customers. Thats why Poker.stars can continue business and they can't. |
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Posted: Fri, 13 Oct 2006, 12:17pm Post subject:
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OLD MAN RIVER
Joined: 14 Sep 2005
Posts: 3687
WPP: 80
Location: Canuckistan
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Wow...
Link
UK firms flee U.S. gambling with $1 buyouts
Fri Oct 13, 2006 10:40 AM ET
By Pete Harrison
LONDON (Reuters) - Britain's Sportingbet and Leisure & Gaming both pulled out of the United States ahead of a ban on Internet gambling on Friday, each selling their U.S. operations to private investors for $1.
Smaller rival World Gaming meanwhile said it was impossible to continue in business and called in administrators.
All three companies were rushing to complete the deals before President George W. Bush signed a bill to prohibit Internet gambling into law on Friday.
Sector leader PartyGaming and 888 have already announced their exits from the United States.
"We are saddened to have to dispose of such a fantastic business as a result of political actions in the U.S. Congress," Sportingbet Chief Executive designate Andy McIver said on Friday.
Sportingbet said it received $1 for the U.S. operations and had discharged liabilities of $13.2 million and avoided closure costs of $14 million.
Leisure & Gaming Chief Executive Alistair Assheton led a management buyout of his group's U.S. operations for $1, rather than close them down and fire 300 staff.
The exit from the United States comes after Republican legislators delivered a heavy blow to Internet gambling this month when Congress unexpectedly approved a bill to enforce prohibition of online gaming.
$7 BILLION HIT
Sportingbet's volatile shares rose by 5 percent in early trading before falling 12 percent to 57 pence by 1406 GMT, valuing the group at almost 240 million pounds ($447 million) -- less than a sixth of its value of 1.6 billion pounds in July before the start of the U.S. clampdown on Internet gaming.
"The exit was a necessary measure," said analyst Matthew Gerard at Investec Securities. "The continuing business will focus on sports, casino and poker in Europe and Australia."
Since the bill was passed at the start of this month, more than $7 billion has been wiped off the market value of Britain's online gaming companies.
The industry is now splitting between London-listed companies which are pulling out of the United States, and privately owned businesses that are prepared to take illegal U.S. bets offshore.
World Gaming said in a statement, "Directors of World Gaming announce ... they are unable to continue the company's U.S.-facing operations should the Unlawful Internet Gambling Enforcement Act be signed by the U.S. President."
"Administration will achieve a better result for the company's creditors than would be likely if the company were to be wound up," it added.
Leisure & Gaming's Assheton told Reuters: "Leisure & Gaming simply could not keep the U.S. business going, but it'll be just fine with its Italian business."
"The company saves about $6 million in shutdown costs, and we wanted to protect about 300 jobs in the U.S. operation," he said.
Sportingbet's U.S. operation, Sportsbook.com, was sold to Jazette Enterprises Ltd and will now operate as a private company with offices in Dublin, Antigua, Vancouver and Costa Rica.
Sportingbet will retain its Paradise Poker business, but will stop accepting U.S. money later on Friday. |
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Posted: Fri, 13 Oct 2006, 12:29pm Post subject:
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Straight Flush
Joined: 02 May 2006
Posts: 4139
WPP: 63
Location: slow motion
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Posted: Fri, 13 Oct 2006, 12:29pm Post subject:
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Straight Flush
Joined: 02 May 2006
Posts: 4139
WPP: 63
Location: slow motion
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Posted: Fri, 13 Oct 2006, 12:59pm Post subject:
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4-of-a-Kind
Joined: 02 Mar 2006
Posts: 3558
WPP: 84
Location: right here
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Posted: Tue, 17 Oct 2006, 12:24am Post subject:
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Full House
Joined: 12 Sep 2005
Posts: 945
WPP: 90
Location: san fernando valley
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Damn - this is the third time I've had to say this -
The law doesnt make anything new illegal - it simply prevents financial transactions on currently "illegal internet gambling". And it seems to be misunderstood by most - the only internet gambling currently illegal under federal law IS SPORTS BETTING. I cant overemphasize this enough. On-line poker, and funding/financing on-line poker, is NOT ILLEGAL (unless you live in Washington state - then it sucks to be you cuz its a felony!).
Why do you think the only two arrests in the US have been sports book owners? Throughout the new law, it continually states that it doesn't expand the scope of "illegal internet gambling", it merely states you cannot perform financial transactions on currently illegal internet gambling.
I strongly suggest you read the attached articles:
federal law - http://www.cardplayer.com/poker_law/article/1446
state law - http://www.cardplayer.com/poker_law/article/1471 |
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Posted: Tue, 17 Oct 2006, 3:37pm Post subject:
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4-of-a-Kind
Joined: 04 Mar 2005
Posts: 3614
WPP: 52
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| konahead wrote: | | The law doesnt make anything new illegal... |
Yes, we all are well aware. Thanks. |
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Posted: Thu, 19 Oct 2006, 1:03pm Post subject:
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4-of-a-Kind
Joined: 02 Mar 2006
Posts: 3558
WPP: 84
Location: right here
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Posted: Thu, 19 Oct 2006, 1:17pm Post subject:
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OLD MAN RIVER
Joined: 14 Sep 2005
Posts: 3687
WPP: 80
Location: Canuckistan
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Suggestion: Today would be a good day to write a letter-to-the-editor of the New York Times in response to/agreement with this op-ed piece. If even one gets published, that's more exposure for the good guys. |
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FTR25: CakePoker $100 Money-Added Tourney November 25th!!
