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Gamblers look over their shoulder, but still pony up

Discussion in 'Casino Industry Discussion' started by Ian_go, Oct 28, 2006.

    Oct 28, 2006
  1. Ian_go

    Ian_go Dormant account

    Occupation:
    keeping the peace
    Location:
    Canada
    NEW YORK - Gamblers may look over their shoulder now, but experts say a new Internet gambling ban won't keep bettors from ponying up, just turn them on to overseas payment services out of the law's reach.

    "It has put a terrible scare into people," said I. Nelson Rose, who teaches gambling law at Whittier Law School. "But it won't by any means wipe out Internet gambling."

    The fright swept through the $12 billion industry on the heels of the recent arrests of two gambling company executives and a new law President Bush signed Oct. 13 that seeks to ban most online gambling and criminalizes funds transfers.

    The law has wiped out billions of dollars in shareholder value of British companies, leaving the industry's future in doubt as U.S. lawmakers initially trumpeted they had found a way to halt bets coming from the America.

    But serious questions remain about whether the legislation can be effective in stopping U.S. residents from playing poker or betting on sports.

    The "Unlawful Internet Gambling Enforcement Act" goes after the money, not the millions of players, which would be nearly impossible to enforce.

    It will essentially try to choke off the way Americans fund their gambling habits, hoping to prevent the transfer of dollars to the popular Internet sites.

    It's also widely understood that the law has online poker in its gun sights, identifying it as a game of chance - something the poker companies dispute. They believe poker is a game of skill and therefore not subject to the new rules.

    But they're fearful nonetheless.

    "Their mission is to kill the funding of online poker, and that's what this law does," said Mike Sexton, who hosts the popular World Poker Tour and has won millions of dollars as a professional player.

    The new law comes amid an explosion in online gambling, fueled by the You must register/login in order to see the link.
     

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