[covert215]

For those who may not have heard, online gambling has effectively been made illegal by the US Government yesterday. They tacked a prohibition on foreign gambling companies taking US checks and credit cards onto a completely unrelated bill. UK sports books and poker sites saw their share prices get cut in half yesterday. Is this a fair law?

One persons opinion

[linskyjack]

Nope----I say, let it roll.

[covert215]

Let the law roll or let gambling roll?

[BanditFlyer]

Who the hell cares?

I noticed that your link is from The Motley Fool. Waiting for it to load. Wonder why they care ...

[covert215]

It is just an opinion piece. It says that if they legalize horse racing and lotteries, why not poker?

[thecoalman]

Originally Posted by covert215

It says that if they legalize horse racing and lotteries, why not poker?

I'd imagine it's because of the money. The first slots parlor is set to open here in Pennsylvania at the race track not far from me. The total estimated tax being collected is a full 60%, 10 million of that going directly to the host community each year which currently has an annual budget of only 2 million.

[sglv]

Originally Posted by covert215

For those who may not have heard, online gambling has effectively been made illegal by the US Government yesterday. They tacked a prohibition on foreign gambling companies taking US checks and credit cards onto a completely unrelated bill. UK sports books and poker sites saw their share prices get cut in half yesterday. Is this a fair law?

One persons opinion

I disagree with this completely ONLY because it was attached to another bill they wanted passed. I'm tired of riders to important bills. Defense of this country should stand alone, period - no riders.

My boss who loves PartyPoker.net was telling me yesterday that he lost $18 (he played three tournaments at $6.00/each) and was planning to reload his account (for $50) because he only had $3/left. Told him not to bother b/c of the passage of this bill. He actually got angry, said they've taken the one thing he enjoys away from him. He figures $6/hour is a pretty good deal.

[sglv]

Originally Posted by thecoalman

I'd imagine it's because of the money. The first slots parlor is set to open here in Pennsylvania at the race track not far from me. The total estimated tax being collected is a full 60%, 10 million of that going directly to the host community each year which currently has an annual budget of only 2 million.

Taxes are 60% of the take? Vegas casinos only pay 8% to the State.

[thecoalman]

Originally Posted by sglv

Taxes are 60% of the take? Vegas casinos only pay 8% to the State.

States take is 34% http://www.issuespa.net/resources/pd...ons_july04.pdf

This is an older document and I can't find the current one so I'll clarify, the 60% is for that particular casino. The way the original law was written was that the host community got a pecentage but it wasn't too exceed their yearly budget but they changed it so the host community is now getting 10 million instead of the 2 which effectively raised the % for that that particular casino. Across the board most Casinos can expect to pay approximately 55% in total.

[sglv]

Originally Posted by thecoalman

States take is 34% http://www.issuespa.net/resources/pd...ons_july04.pdf

This is an older document and I can't find the current one so I'll clarify, the 60% is for that particular casino. The way the original law was written was that the host community got a pecentage but it wasn't too exceed their yearly budget but they changed it so the host community is now getting 10 million instead of the 2 which effectively raised the % for that that particular casino. Across the board most Casinos can expect to pay approximately 55% in total.

Either way, it's a heck of a lot more than the 8% that Nevada casinos pay (which, by the way, is the lowest in our country). But who am I to complain, we have no State Employment tax, city tax, etc.

[angelize56]

Originally Posted by sglv

I disagree with this completely ONLY because it was attached to another bill they wanted passed. I'm tired of riders to important bills. Defense of this country should stand alone, period - no riders.

How exactly does online gambling tie in with port secuirty...because our government gambles all the time on our security?

[ChrisJones]

This is simply protectionism by the United States.

I'm not too bothered either way as it affects me in no way at all, I don't live in the US and I don't play poker online (Mainly because I'd end up loosing my house!). However there is a very strong case for arguing that the US has instigated this law because domestic companies were unable to compete with the more successful companies operating out of the UK and the Cayman Islands.

It is yet more evidence of the US global hypocrisy when it comes to business. The US is invading countries halfway around the world to bring "Democracy and Capitalism" to them, yet when another country is more successful at a particular enterprise you either stick an insanely high import tariff on the product or ban it completely as in this case.

I also feel that is very hypocritical from the point of view that the US and Nevada in particular, is regarded as one of the gambling capitols of the world, where one can gamble money on virtually anything. Yet it is now, or shortly will be, illegal for you to play poker online. Land of the free eh??? Not from where I'm sitting.

I'm not for one second arguing that the US is wrong to do this, at the end of the day it's up to you and your lawmakers. It just smacks of hypocrisy to me.

Chris.

[BanditFlyer]

Originally Posted by ChrisJones

This is simply protectionism by the United States.

Did we read the same post?

[Gibble]

For the record they didn't make online gambling illegal.

They made it illegal for banks and CC companies to process payments to gambling sites.

So what will happen, is people will simply start going through an intermediary to get their money in...like neteller.

[ChrisJones]

Originally Posted by Gibble

For the record they didn't make online gambling illegal.

They made it illegal for banks and CC companies to process payments to gambling sites.

So what will happen, is people will simply start going through an intermediary to get their money in...like neteller.

I stand corrected.

Though how long do you give it before they pass a law that bans this too??