It's All Okay!

Discussion in 'General Discussion' started by SomeThingCreepy, Oct 8, 2006.

  1. SomeThingCreepy

    SomeThingCreepy Well-Known Member

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    What Happened:
    I think this is pretty important for all poker players to read. If you live in the US, this obviously directly affects you. If you don't live in the US, you still might want to find out whats going to happen to all those US donks you've been banking off of for the past few months. Over the weekend, Senate Majority Leader Bill Frist somehow used his political power to squeeze the anti-gambling legislation into the Safe Port Act (which was intended to provide US Port Security). What anti-gambling and port security have in common is beyond me. By Saturday, both the House and the Senate passed the bill and now it is in the hands of Mr. Bush to decide whether or not to veto this bill... And anyone with a brain will quickly realize that Mr. Bush will not veto this bill in a million years so we can all assume that this will be the law in a few short days.

    So What Does It Mean?
    Well there is some common misconceptions about this law I would like to address for all you players living in the US. First and foremost is the fact that this does not outlaw playing online poker. The bill is there to make it more difficult to put money into offshore sites by outlawing banks from making direct deposits into a gambling / poker website. Is there a loop hole to this? There sure is!

    The Loophole!
    Most banks and credit card companies already refuse to send money to offshore sites. There isn't much of a difference there. Therefore, there are already offshore third-party companies in place that are more than happy to handle our financial transactions. The bill attempts to forbid financial institutions from sending money to intermediaries as well. The main word here is attempts.

    In steps this niffty little website called NETeller ( http://www.neteller.com ). NETeller is a 3rd party banking system which basically is able to wire money from your poker accounts into an online banking system where you will then have the option to cash out to your real bank OR transfer to another poker website / peer / company etc... NETeller happens to be a publicly traded company on the London AIM Exchange with a user base of more than 2.3 million customers. Since NETeller is not directly located in the US, there is really no control to what the US regulate with people that use that website.

    Re-Loophole
    That does not mean we are totally safe and that this bill has had no affect to online poker in the US. The Secretary and the Board of Governors of the Federal Reserve System has 270 days (after the bill is signed by the president) to come up with enforcement policies and procedures. That means there is a possibility that several things could happen. The scare of American economic power could lead some websites to comply with the new bill and close it's doors on US players (PartyPoker). Online banking websites such as NETeller could be blacklisted from US citizens if they don't comply with the new bill. New forms of poker tax in the US might come out of this just to keep online poker legalized. There is no telling exactly what will happen in the future, but for the time being we are fairly safe (with the exception of those players from the websites who have jump ship).

    Here are some key articles from Cardplayer.com:

    http://www.cardplayer.com/poker_news/news_...class=PokerNews
    http://www.cardplayer.com/poker_news/news_...class=PokerNews
    http://www.cardplayer.com/poker_news/news_...class=PokerNews

    And my favorite!

    http://www.youtube.com/watch?v=nb1pzayqPaI

    God Bless America...

    Source: http://www.liquidpoker.net
     
  2. Totti Barca

    Totti Barca Well-Known Member

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    Awesome, thanks for the heads up.
     
  3. SolidSnake(PS3)

    SolidSnake(PS3) Well-Known Member

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    dont wanna read....umm simplify in a couple words please :lol:
     
  4. Shuyins

    Shuyins Well-Known Member

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    Read part of it, thanks.
     
  5. longhornfreak

    longhornfreak Well-Known Member

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    online poker is being outlawed in us but companies over seas will keep it alive :P
     
  6. Trax

    Trax Well-Known Member

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    Gambling are for poosies who can't make money by working.
     
  7. tazzycorner

    tazzycorner Well-Known Member

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    thanks for taking time to share the articles :)
     
  8. Render Man

    Render Man Well-Known Member

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    dont know to much about poker, but I hope it all gos well for the poker people lol
     
  9. Flamey

    Flamey Senior Member

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    How do you figure? Dont you need to work in the first place to obtain the money needed for gambling?
     
  10. SomeThingCreepy

    SomeThingCreepy Well-Known Member

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    Also, try playing poker with someone who is good at it. Trust me, they will win 100% of the time. You need extreme patience to be truely good at poker.

    In simplier words, online casino games is casino. What the bill failed to mention is that poker is a game that can be played outside a casino, meaning it was not included in the bill, allowing online poker to stay legal. It changed nothing for online poker. Maybe scare some fish (bad players) away. For example, credit card companies already said they did not want to help out in onling poker/gambling. So that is not changed, as well as banks. So, that is why people have been using NETeller for some time now, keeping that LEGAL. And if the Government outlaws that, some major lawsuits will be coming up.
     
  11. Kilo

    Kilo Well-Known Member

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    Pretty nice info.
     
  12. Zohair

    Zohair Formerly zohBOT

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    lol Good for me and does'nt matter too lol.. I don't play poker :P
     

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