So online gambling is going to be illegal soon

SpicyMcVoodoo · 10-02-2006, 01:09 PM

Online gaming in crisis over U.S. ban - Yahoo! News

What (or who) was the driving force behind this legislation? And if politicians really can be bought, then why couldn't they here?

Stylerod · 10-02-2006, 01:23 PM

Like there isn't more important things to be done. Amazing.....

SpicyMcVoodoo · 10-02-2006, 01:37 PM

Originally Posted by Stylerod

Like there isn't more important things to be done. Amazing.....

I think this was attached to a port security bill.

SpicyMcVoodoo · 10-02-2006, 01:38 PM

Could it be the legal gambling industry in America lobbying the shit out of congress to do this because they're losing market share to online casinos?

Stylerod · 10-02-2006, 01:38 PM

Originally Posted by SpicyMcVoodoo

I think this was attached to a port security bill.

It was. I think there is a thread about this already.

Phantom · 10-02-2006, 01:39 PM

Originally Posted by SpicyMcVoodoo

Could it be the legal gambling industry in America lobbying the shit out of congress to do this because they're losing market share to online casinos?

I would think the casinos want their part of the action. I think they lobbied for congress to allow them to get in.

motivez · 10-02-2006, 04:40 PM

I think it has more to do with whether or not it's taxable with a lot of these companies operating offshore

But, I think the big thing is that this deals with more of the banking aspect of it. I see nothing that says you can't use an online service like paypal to manage those funds.. or is paypal considered a banking institution?

Either way, it's bullshit IMO. It should have never been attached to the ports bill, it has nothing to do with it.

One of my friends has been making a decent living playing online poker -- enough to move from NJ to Hawaii where he plays full time.. not sure what he's planning to do now unless he moves to Europe, but it kinda sucks for him.

I also disagree with their reasoning, ie; some people are in debt! Oh noes, someone made a shitty decision and continues to make the same shitty decision, lets prevent everyone from maybe making a shitty decision by removing any chance.. unless of course, you have the money to travel to Vegas!

What happened to personal responsibility, especially as it pertains to "conservative" (neo-con) politics?

motivez · 10-02-2006, 05:15 PM

Ah crap, I didn't see this:

prohibits the use of credit cards, cheques and electronic fund transfers for online gaming.

IminWonderland · 10-02-2006, 05:49 PM

Originally Posted by motivez

What happened to personal responsibility, especially as it pertains to "conservative" (neo-con) politics?

Big Brother gets to tell you how to spend your money now. Wonderful. It's too bad...I could have been a Conservative if they all didn't change into these beastly neo-cons.

Diamond Cross · 10-02-2006, 06:35 PM

Welcome to America where people have to save people from themselves no matter what.

WickedLou9 · 10-02-2006, 06:39 PM

Gambling is an evil scourge on society. We must ban it!

Unless it's in Las Vegas. Or Reno. Or Atlantic City. Or on an Indian reservation.... Then it's ok. Yeah/ but it's bad everywhere else. especially on the internet. You know. because we can't tax it and stuff.

SpicyMcVoodoo · 10-02-2006, 10:03 PM

Originally Posted by WickedLou9

Gambling is an evil scourge on society. We must ban it!

Unless it's in Las Vegas. Or Reno. Or Atlantic City. Or on an Indian reservation.... Then it's ok. Yeah/ but it's bad everywhere else. especially on the internet. You know. because we can't tax it and stuff.

Then why didn't they just tax it? Why didn't they make a mandatory tax for the transfers that are now illegal?

6SpeedTA95 · 10-02-2006, 10:20 PM

Originally Posted by SpicyMcVoodoo

Then why didn't they just tax it? Why didn't they make a mandatory tax for the transfers that are now illegal?

Because their local population dones't benefit giving them more votes.

WickedLou9 · 10-03-2006, 02:57 PM

Originally Posted by SpicyMcVoodoo

Then why didn't they just tax it? Why didn't they make a mandatory tax for the transfers that are now illegal?

because they are usually located overseas.

hsmith · 10-03-2006, 03:01 PM

I predict a rise in Swedish and Carabean bank accounts.

7960 · 10-03-2006, 03:07 PM

Originally Posted by WickedLou9

because they are usually located overseas.

but the money has to come back to the US somehow...if I gamble and win and it stays in their system then it's doing me no good. When I transfer it to my bank, that's when it should be taxed as income.

WickedLou9 · 10-03-2006, 03:08 PM

Originally Posted by 7960

but the money has to come back to the US somehow...if I gamble and win and it stays in their system then it's doing me no good. When I transfer it to my bank, that's when it should be taxed as income.

Right, but no one is recording it. The Casino doesn't have to report those winnings to the government. It would be up to you to report it of your own free will. That doesn't happen very often.

motivez · 10-03-2006, 03:16 PM

So is this a "loophole" that someone can get use legally to get around this legislation? I mean, once it's your money and in your bank, it's no longer coming from a casino, etc.. so can they really stop it?

How hard it is to get an account with a foreign bank? Do any of them operate solely online?

7960 · 10-03-2006, 03:16 PM

Originally Posted by WickedLou9

Right, but no one is recording it. The Casino doesn't have to report those winnings to the government. It would be up to you to report it of your own free will. That doesn't happen very often.

make it a requirement for banks to report wire transfers, problem solved

WickedLou9 · 10-03-2006, 03:25 PM

Originally Posted by 7960

make it a requirement for banks to report wire transfers, problem solved

The IRS would be innundated with information. It would be more data then they could possibly use. There are millions of wire transfers conducted every day. It would cost more to monitor then they would ever recover from taxing it.