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Betting On Online Betting In America

Discussion in 'Casino Industry Discussion' started by BingoT, Feb 5, 2011.

    Feb 5, 2011
  1. BingoT

    BingoT Nurses love to give shots webmeister

    Occupation:
    Nursing & Run Bus Trips
    Location:
    Hartford,Ct
    Betting On Online Betting In America
    To every yin there’s a yang, every Cheech a Chong, every bet a bookmaker and every cash-strapped economy an incentive to legalize activities that contribute significant tax dollars.
    Hence, there is a significant likelihood the United States will change its position and allow online gambling for its businesses and citizens. When this happens it will be a boon for many players in the gambling business. And it’s going to be big: US citizen participation is predicted to generate $12 billion in annual revenue!
    There is Too Much at Stake
    Goldman Sachs seems to have been a bit early in June of 2009 when the influential investment bank predicted the United States would legalize online gaming saying
    “We believe it is logical to assume that the US market will eventually regulate – given the potential implications for US tax take, if nothing else,”
    “Were the market to be legalized, we believe that the size of the revenue opportunity could increase materially,” it continued. “Based on an assumption of 30% penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3bn.”
    “Were GGR to increase to 45%, and GGR per player rise to $400, the size of the poker market alone could be worth $6bn. We also estimate that the casino market could expand to a similar scale, based on various offline penetration assumptions.”
    But the timing and the details are still up in the air. Goldman suggested it could take a while for these changes to take place. A congressional report from November 2009 stated that regulated online gambling could generate $42 billion in revenues for Government over 10 years. Representative Barney Frank has been lobbying to get online gambling legalized and regulated for quite some time, having introduced the Reasonable Prudence in Regulation Act, and the Internet Gambling Regulation, Consumer Protection, and Enforcement Act in 2009, which would overturn the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. The UIGEA:
    “prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law.”

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    Steve Bulwa, Bulwa Tech Report
     
  2. Feb 5, 2011
  3. 3mptyseat

    3mptyseat Quit Gambling PABnonaccred

    Occupation:
    Pressing Buttons
    Location:
    California de Norte
    Not to be contradictory for its own sake, but here is the law, just in case ppl are confused... I have seen it mis-printed all over the web and many ppl think that players are breaking the law by gambling. Well maybe so in some states or on specific types of gambling outlawed by other laws, but as far as the UIGEA goes, its really the bank behind ur funding method, and the recipient of those funds who are in violation... Here is the original passed draft

    UNLAWFUL INTERNET GAMBLING ENFORCEMENT
    This title may be cited as the: Unlawful Internet Gambling Enforcement Act of 2006

    Internet Gambling ActSEC. 802.
    PROHIBITION ON ACCEPTANCE OF ANY PAYMENT INSTRUMENT FOR UNLAWFUL INTERNET GAMBLING.
    (a) IN GENERAL.—Chapter 53 of title 31, United States Code, is amended by adding at the end the following:
    SUBCHAPTER IV
    PROHIBITION ON FUNDING OF UNLAWFUL INTERNET GAMBLING
    § 5361. Congressional findings and purpose
    (a) FINDINGS.
    Congress finds the following:
    (1) Internet gambling is primarily funded through personal use of payment system instruments, credit cards, and wire transfers.
    (2) The National Gambling Impact Study Commission in 1999 recommended the passage of legislation to prohibit wire transfers to Internet gambling sites or the banks which represent such sites.
    (3) Internet gambling is a growing cause of debt collection problems for insured depository institutions and the consumer credit industry.
    (4) New mechanisms for enforcing gambling laws on the Internet are necessary because traditional law enforcement mechanisms are often inadequate for enforcing gambling prohibitions or regulations on the Internet, especially where such gambling crosses State or national borders.
    (b) RULE OF CONSTRUCTION.
    NO provision of this subchapter shall be construed as altering, limiting, or extending any Federal or State law or Tribal-State compact prohibiting, permitting, or regulating gambling within the United States.


    and it goes on, I just wanted to include the criminal penalties, bc they are interesting...


    § 5366. Criminal penalties
    (a) IN GENERAL.
    Any person who violates section 5363 shall be fined under title 18, imprisoned for not more than 5 years, or both.
    (b) PERMANENT INJUNCTION.
    Upon conviction of a person under this section, the court may enter a permanent injunction enjoining such person from placing, receiving, or otherwise making bets or wagers or sending, receiving, or inviting information assisting in the placing of bets or wagers.

    § 5367. Circumventions prohibited
    Notwithstanding section 5362(2), a financial transaction provider, or any interactive computer service or telecommunications service, may be liable under this subchapter if such person has actual knowledge and control of bets and wagers, and-
    (1) operates, manages, supervises, or directs an Internet website at which unlawful bets or wagers may be placed, received, or otherwise made, or at which unlawful bets or wagers are offered to be placed, received, or otherwise made; or
    (2) owns or controls, or is owned or controlled by, any person who operates, manages, supervises, or directs an Internet website at which unlawful bets or wagers may be placed, received, or otherwise made, or at which unlawful bets or wagers are offered to be placed, received, or otherwise made."
    (b) TECHNICAL AND CONFORMING AMENDMENT.
    The table of sections for chapter 53 of title 31, United States Code, is amended by adding at the end the following:
    SUBCHAPTER IV-PROHIBITION ON FUNDING OF UNLAWFUL INTERNET GAMBLING
    5361. Congressional findings and purpose
    5362. Definitions
    5363. Prohibition on acceptance of any financial instrument for unlawful Internet gambling
    5364. Policies and procedures to identify and prevent restricted transactions 5365. Civil remedies
    5366. Criminal penalties
    5367. Circumventions prohibited.
     

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