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Gambling companies ready to suspend US business
Silicon.com ^ | 2 October 2006 | Steve Ranger

Posted on 10/02/2006 12:16:23 PM PDT by seacapn

Internet gambling companies are preparing to cash in their dollar chips as the impact of a new US law sinks in, with many preparing to suspend access to real money gambling by US customers.

Last week Congress passed the Safe Port Act, which also included the Unlawful Internet Gambling Enforcement Act of 2006, aimed at cracking down on online gambling companies by making it illegal for banks and credit card companies to make payments to online gambling sites.

After the act was passed, senate majority leader Bill Frist said: "Although we can't monitor every online gambler or regulate offshore gambling, we can police the financial institutions that disregard our laws."

Shares in many online gambling companies plunged by 50 per cent this morning in response.

Should the act be signed into law by President Bush - expected in the next two weeks - many gambling companies are likely to suspend real money gambling with US customers, pulling out of the US market, where many have the bulk of their customers.

PartyGaming said the law, which it described as the first piece of federal legislation dealing explicitly with internet gaming, "does make clear that the US government intends to stop the flow of funds from Americans to online gaming operators through criminal sanction".

(Excerpt) Read more at silicon.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Government; News/Current Events
KEYWORDS: gambling; gaming; gopbiggov; internetgambling; nannystate; poker
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To: 2banana

bodog's parent is a multi billion dollar company. these are not all small companies.


21 posted on 10/02/2006 12:31:57 PM PDT by drangundsturm
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To: seacapn

Frist lost my Vote for 08


22 posted on 10/02/2006 12:33:45 PM PDT by fhlh (Polls are for Strippers.)
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To: HHFi

Some of these online casinos are publicly-traded companies in the UK; they are subject to pretty heavy government regulation over there. The US government could have had a chunk of that revenue in the form of taxes. But Congress sold out to horse betting interests and other land-based casinos, and so, here we are.


23 posted on 10/02/2006 12:35:49 PM PDT by seacapn
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To: HangnJudge

The legality argument falls flat on its face, since this gambling bill specifically allows internet horse-betting. That's because this law has nothing to do with law-and-order. It is about protecting campaign contributors.


24 posted on 10/02/2006 12:37:02 PM PDT by seacapn
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To: HangnJudge

Haha... law and order??? Whatta crock.... if you are here illegally... you can do what ever you want...


25 posted on 10/02/2006 12:37:15 PM PDT by fhlh (Polls are for Strippers.)
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To: moroque11
You would probably have to find something offshore similar to PayPal. I expect that PayPal will be covered by these laws.
26 posted on 10/02/2006 12:39:16 PM PDT by KarlInOhio (Dems - Your conduct is an invitation to the enemy, yet few of you have heart enough to join them.)
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To: seacapn

It is about protecting campaign contributors.

Hmmm... I see
this would make sense

Is Frist running for re-elect in '08?
or is he term limited (Contract With America)?


27 posted on 10/02/2006 12:40:19 PM PDT by HangnJudge
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To: seacapn
The legality argument falls flat on its face, since this gambling bill specifically allows internet horse-betting.

Whenever gambling comes up on the ballot in Ohio there is a lot of advertising about the evils of gambling. If you tract the funding for those ads back to their source you almost always find the horse racing business.

Remember, gambling is evil unless it is at the track, in the lottery or on an Indian reservation. < /sarcasm>

28 posted on 10/02/2006 12:41:45 PM PDT by KarlInOhio (Dems - Your conduct is an invitation to the enemy, yet few of you have heart enough to join them.)
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To: KarlInOhio

If American banks are now forbidden from doing transactions with PayPal, it isn't just the poker players that are going to be pissed off! PayPal is used for many legitimate deals that have nothing at all to do with gambling.


29 posted on 10/02/2006 12:42:06 PM PDT by jpl (Victorious warriors win first, then go to war; defeated warriors go to war first, then seek to win.)
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To: jpl
I meant that PayPal is probably considered a US bank for purposes of this law. Thus you can send money to PayPal, but they would be prohibited from sending it to a casino.
30 posted on 10/02/2006 12:43:27 PM PDT by KarlInOhio (Dems - Your conduct is an invitation to the enemy, yet few of you have heart enough to join them.)
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To: seacapn
making it illegal for banks and credit card companies to make payments to online gambling sites

It's sad to see Republicans engaging in such heavy-handed big-governmentism. This is certainly one of the tactics that the Demo/Commies will use if they ever return to power (heaven forbid) - imagine them using this as an end run around the Constitution to make it nearly impossible for people to buy guns and ammo, for example...

31 posted on 10/02/2006 12:47:12 PM PDT by Zeppo
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To: seacapn

At least I still have my booze.


For now.


32 posted on 10/02/2006 12:54:55 PM PDT by SengirV
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To: KarlInOhio

I don't see how anyone could be prevented from setting up an offshore account in a financial institution not owned or controlled by the casino.

Then, conduct whatever financial transactions you want from that account. Congress will have a tough time eliminating foreign accounts because they're vital to conducting business. And so they can't ban transferring money to them or bringing money back.

This is a goofy law, but it has an easy workaround that's completely legal.


33 posted on 10/02/2006 12:55:48 PM PDT by Dog Gone
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To: seacapn

Let me tell you somthing. I am a Reagan democrat but I am certainley not a Bush republican.
Not only do i have the liberal Nazi's in my kitchen checking fat in my food I have the American republican Taliban on my fucking computer telling me I can't call a flush draw with money that I have earned and has been taxed about 4 times.
These son of phoney bitches like Frist,Kyle and the rest these right wing wackos will never ever get my vote again,and every dime that they say I saved from spending on poker will go to their opponents campaign fund I don't care it its Nancy Pelosi or Ted Kopechne,


34 posted on 10/02/2006 12:56:10 PM PDT by TShaunK
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To: seacapn

This makes it official for me. The Republican party as it is currently constituted is simply too stupid to have deserved to retain power. It has been stumbling over its own feet in the last several months, giving the Delay and Foley seats to the Dems, getting divided on the immigration issue and now ... amazingly ... incredibly ... unbelievably ... right before the election they come out with a bill that reaches into the homes of millions of poker playing Americans and says "not so fast, we don't think you should spend your money on this."

I play at partypoker.net a few times a week. I really enjoy it. It's my own money. I am furious at the Republican party for doing this. These are the stupidest politicians I have ever seen.


35 posted on 10/02/2006 12:57:08 PM PDT by Altair333 (Red Rover, Red Rover, Send Mexico Right Over)
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To: JmyBryan

I don't support it and I'm not a gambler.


36 posted on 10/02/2006 12:58:00 PM PDT by RockinRight (She rocks my world, and I rock her world.)
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To: seacapn

I guess the Republicans would rather not have my vote this November... duly noted.


37 posted on 10/02/2006 12:59:36 PM PDT by sargon (How could anyone have voted for the socialist, weak-on-defense fraud named John Kerry?)
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To: RockinRight

I'm not a gambler either.


38 posted on 10/02/2006 1:22:54 PM PDT by JmyBryan
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To: HangnJudge

Frist's seat is up for grabs, Between Bob Corker(R) and Harold Ford(D) TN.


39 posted on 10/02/2006 1:34:33 PM PDT by eyedigress
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To: seacapn

And look at the fruits, like Foley and Kennedy who are making those laws. We're supposed to trust their judgement over our own??


40 posted on 10/02/2006 1:38:01 PM PDT by tiki
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