Shut it down.
http://news.yahoo.com/s/nm/20061002/bs_nm/leisure_partygaming_dc_7
Chanos. Your a genius apparently. Blogname, why did we not do that?
Chanos. Your a genius apparently. Blogname, why did we not do that?
posted by MattKelly54 at
11:03 AM
13 Comments:
Blinded by our own gambling habits. Does this mean I should withdraw my winnings from this weekends football games.... even when you win they don't get your money.
I would withdraw (and I am) until things settle down and as quick as possible. I dont think you are in trouble until the companies go under. They should have your cash in holding.
Good thing I live in California where poker is legal. I think I may go to Vegas in a few weeks to mourn the loss of online poker.
First they outlaw drugs, prostitution, and now online gambling...who's running this show, the Mormons. I guess now is not a good time to enter the online porn business.
They should never have started advertising. They would have been fine if they just stayed under the radar a bit, but they had to get greedy.
I withdrew my account about 2 months ago because I feared this was coming. But, like a dumbass, I didn't short. Why?
57% in one day would've been a nice take.
Doug what else do you forseee that the rest of us could profit from?
Bears Super Bowl, baby!
I honestly think that these might be a buy. Today I thought they were a sell, but Congress just outlawed banks allowing people to make deposits, they didnt say anything about Neteller. Most people use FirePay or Neteller anyway, and there is absolutely no way IMO to outlaw those. One contrary point to this is that PP said that they were going to shut down US ops if this past. I have not found that statement in anything but bullshit sources yet though.
MK
MK - I agree that the operators may being saying what congress wants to hear (i.e. we will shut down US ops). Although the press release indicated this was also bad for Neteller, not sure I understand why. They only way is that the bill also outlaws payments to "middlemen" like Neteller. If the only use for neteller was to fund gambling sites vs. uses like PayPal than maybe but I think that is a stretch.
That said, internet gambiling is illegal. I know there are technicial reasons why it isn't but in the long run I think congress gets its way...eventually being able to tax it and get revenues. Then everyone who has a server offers the same thing that partygaming, then its a commodity
www.pokerplayersalliance.org
If you care sign up. I have been a member for a while. I know that guys in suits are coming for me, but I think it is worth it.
Brief Analysis of Internet Gambling Prohibition Act (Attached to Safe Port Act)
First the bill does not make poker playing illegal on the Internet at a Federal Level,
although it will make it much more difficult to enjoy “your game” on-line. As we have
mentioned before we are immediately working on your behalf to obtain an exemption for
Poker prior to the financial enforcement provisions are finalized (estimated between 3 to
9 months). This is the most important thing that the Poker Players Alliance and its
members can do in the short term.
This version of the Internet Gambling Prohibition Act that amended the Safe Port Act
contains no amendment to the 1961 Wire Act. However this bill provides additional
enforcement powers to the Wire Act that will presumably be applied to wagering on
Poker. Although Poker is a skill game and even the Department of Justice recently
testified in the April 2006 Judiciary Hearing that “games subject to chance” clause may
not apply to “games such as Poker”, it is likely that they will take a broad brush approach
to enforcement and use these tools defined by this prohibition act to restrict your ability
to access poker sites and fund your accounts as you have done in previously.
The enforcement mechanisms as it relates to Internet Poker falls into two broad
categories:
Financial
The Internet Gambling Prohibition amendment will require financial institutions to
monitor and block your funding of your poker accounts, whether you use Credit Cards,
ACH, Stored Value Cards, electronic checks (debits), electronic funds transfers or
physical checks. Within 270 days the Federal Reserve Board and the Attorney General
will proscribe policies and procedures with which banks and other financial institutions
will enforce this act to monitor and block financial transactions. Banks are absolved of
any liabilities by the Federal Government by a “reasonableness test” in complying with
this legislation. We assume this to be applied liberally given the consequences for
financial institutions who not comply. Although it is unclear how a financial institution
could block a transfer to a personal account off-shore, but for most players it will be
difficult to enjoy the game they love. Additionally is likely to very costly for financial
institutions to “play the morality police”, but they are under order of the Federal
Government to comply.
Internet Hyperlink Blocking
The IGP amendment requires that “Interactive Computer Services”, essentially Internet
Service Providers (ISPs), remove or disable access to internet links and hyperlinks “that
reside” on the ISPs servers to “Internet Gambling” upon written notice from a State
Attorney General, or the Attorney General of the United States. There is no affirmative
monitoring provision for ISPs, but no liability for compliance.
The exemptions included in the “Prohibition” are for wagering on Horseracing, Intrastate
Lotteries, Intrastate Gaming (where legal), Indian Reservations, and playing Fantasy
Sports, but nothing yet for Poker. This must change.
The Poker Players Alliance will renew its fight to obtain separate treatment for a great
game of skill, poker, and a community game. In then next several months, this will be
our focus, to ensure that Poker is protected from this outrageous intrusion into the lives of
70 Million poker players.
Long term we seek to have Poker affirmatively legalized, licensed, regulated and taxed
on a Federal level. You have our commitment on this.
Regards,
Michael Bolcerek
President
Poker Players Alliance
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