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Where is the Barney Frank Bill? APCW Perspectives Weekly: 19 June 2009

Discussion in 'Casino Industry Discussion' started by Auditor, Jun 20, 2009.

    Jun 20, 2009
  1. Auditor

    Auditor Dormant account

    Occupation:
    APCW.org Auditing Director
    Location:
    APCW Lunar Base
    Is the American Mass Media hurting our helping the online gambling industry? Plus, what is the status of the Barney Frank Bill and its attempt to overturn the UIGEA?

    You must register/login in order to see the link.
     
    Last edited by a moderator: Dec 12, 2017
    3 people like this.
  2. Jun 20, 2009
  3. 4 of a kind

    4 of a kind Repeated violations of forum rule 1.16 - troll

    Occupation:
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    The numbers (billions & billions) might be catching the eye's of the real money people. If they decide they want to chop it up, online gaming for U.S. could be on the doorstep... and nothing else would matter.
     
  4. Jun 20, 2009
  5. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

    Occupation:
    I do nothing productive
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    Hell on Earth
    Another good video my friend.

    Better be careful though, your starting to sound like me... :D
     
    1 person likes this.
  6. Jun 25, 2009
  7. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
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    BAD NEWS FROM BARNEY

    Anti-UIGEA bill delayed till September

    The economic crisis throughout the world and in the United States in particular has created a heavy workload for Congressman Barney Frank's House Financial Services Committee, and that unfortunately means that his latest attempt to regulate and licence online gambling in the United States will have to be put on hold until September, the politician's staff advised this week.

    The industry has high hopes for HR2267, the Internet Gambling Regulation Consumer Protection & Enforcement Act, which was launched last (May) month and has already attracted political support.

    However, it now appears unlikely that the bill will be voted on before the next session of Congress following a decision to delay hearings in the Committee until September 2009.

    Confirming the re-scheduling, a spokesman in Congressman Frank's office said that the hearing for the proposal had been postponed until the autumn due to an excessive workload on legislation urgently needed to address the economic crisis and the administration's measures to correct it.
     
    4 people like this.
  8. Jun 25, 2009
  9. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
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    A spokeswoman for the Financial Services Committee, which Frank chairs, confirmed the hearing for Franks Internet Gambling Regulation Consumer Protection & Enforcement Act would likely not take place until after the summer due to the urgent need for the committee to deal with legislation aimed at bolstering the US economy against the global slowdown.




    WTF????????


    Regulating, licensing, and taxing online casinos WON'T BOOST THE ECONOMY?

    These people are )*&#$@(@*&$(@*# IDIOTS.
     
  10. Jun 26, 2009
  11. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
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    Ironically, this week saw the 35th sponsor to Barney's bill sign up - Alaska Republican Representative Don Young.
     
  12. Jun 26, 2009
  13. Tengil

    Tengil Senior Member

    Occupation:
    -
    Location:
    Finland

    Actually it wont, the opposite actually. Huge negative externalities, failing cost-benefit etc.

    Google "casino economics" without quotes, and thats for B&M casinos.

    So if I were a politician I would vote against it. The arguments by Frank I have read are far from convincing. And online gambling regulation would never work anyway due to black markets.
     
  14. Jun 26, 2009
  15. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
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    Pennsylvania
    The legitimate online casinos will be jumping at the chance to re-enter the USA market, and the gov't will make a small fortune on licensing fees alone. The UK made it work, so there's no reason it wouldn't for the USA, as well.
     
  16. Jun 26, 2009
  17. jetset

    jetset Ueber Meister CAG

    Occupation:
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    I'm with Winbig's more positive view on this - if Barney Frank is successful it could have very beneficial results for player safety and a better choice, licensing and tax revenues (and we've already seen professionally and independently assessed tax projections over the next decade from PWC and other leading business analysts), better youth and problem gambling control and good business for industry-related service sectors.

    Harrah's are already champing at the bit to get in on it, and if HR2267 is passed it would be hard for other major terrestrial gaming companies to stay out of a legal business, especially if the competition is already climbing in.

    The US has always been the dominant market, and is likely to grow even further if the shackles are removed, imo.

    There are a number of potentially watershed events shaping up within the next few months, including several legal issues both in the States and in the WTO, and political manoeuvreing in cash-strapped states that could all bring about significant changes.

    It won't be a smooth ride - there are still plenty of adversaries out there - but it's going to be a very interesting year.
     
  18. Jun 26, 2009
  19. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

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    Harrah's is not the only company that is impatiently waiting for Regulation in the US market.

    Most of the already regulated companies in the UK are eying the US legal situation very closely. Some of the smarter companies are already beefing up their online presence for the US market.

    IMO, the US the unregulated casinos will start to fade away after Regulation. There will always be a few of the Rogues around... along a few people that think they can beat them... Some people never learn.
     
  20. Jun 26, 2009
  21. RobWin

    RobWin closed account

    Occupation:
    Who knows?
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    A Vault!
    I believe "Political maneuvering" is the key word here for the delay in the hearings which will give Barney more time to garner extra support for this bill that should eventually get passed. With the likes of Harrah's and other big players in this game it will be hard for this one to fail IMO.
     
    3 people like this.
  22. Jun 27, 2009
  23. MJackson

    MJackson Moderated User - posts must be approved

    Occupation:
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    Miami, I, I mean Montreal
    What seems far from convincing to me is that prohibition would ever work - due to black markets. This is the current situation we have now. As has been stated by other posters in this thread the main goal of regulation is to allow reputable operators into the market place where they will largely replace the rogues.

    An analogy might shed some light on the falsehood of your premise. Is cocaine commerce superior to that of Ritalin? I think the policy on cocaine use is the one that doesn't work due to black markets whereas that of it's very close cousin Ritalin (at least in terms of effects), while not perfect, is relatively effective. That's a pretty clean example of two like products with similar demand, one regulated, the other not. I think the results speak for themselves.
     
  24. Jun 27, 2009
  25. jetset

    jetset Ueber Meister CAG

    Occupation:
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    I think US players would probably prefer to gamble at top and trusted brand names that go online in a legalised US market, rather than some of the fly-by-night and questionable outfits that I'm sure will still try to make a buck at the players' expense.

    I think the following factors will have to be considered:

    1) How efficiently the new online operations are marketed (visibility, promos, customer support etc) The major companies will be bringing a lot of expertise both in-house and via Internet marketing specialists to the table to achieve high standards....that could make for some great player deals.

    2) Whether the enforcement authorities will continue to so enthusiastically blitz unlicensed gambling operators who continue to try to operate in the States, and measures against US companies servicing their needs - processors for example. Imagine a US market where, as a player, you didn't have to duck and and dive to arrange deposits and payments and worry about checks and c/card transactions and questions.

    3) How much the player is likely to be impacted by taxation aspects, given that a high standard of financial reportage will be expected from the regulated companies by state and /or federal government.

    4) How much tax the operators will be expected to pay, and how onerous and labour intensive reporting requirements by the regulator are likely to be. The tax issue is obviously of particular importance in any US operator's business plan.

    5) Whether the regulatory requirements are realistic - given the nature of the targets of political and other opponents of the industry to date, we can be sure there will a heavy emphasis on preventing underage and problem gambling, responsible gaming provisions, ensuring the probity of operators, enforcing international financial precautions and software fairness. Most of these work to the protection and advantage of the genuine online player.

    HR2267 is treading cautiously to reassure the various vested interests like the national sports leagues and the rights of individual states, so this legislation is likely to be tough even without the Congress deal-making that is probably yet to come.
     
    3 people like this.
  26. Jun 27, 2009
  27. Auditor

    Auditor Dormant account

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    That's not a bad thing... :thumbsup:


    I also agree, it's all about the money and when they look at estimated revenues, there will be even more momentum to get it passed. U.S. needs all the income they can get right now.
     
  28. Jun 30, 2009
  29. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    POSITIVE SIGNS ON U.S. LEGALISATION FOR ONLINE GAMBLING

    These are the folks in the know....

    Two positive but unrelated opinions on the legalisation of online gambling in the United States were given this week, adding credibility to a growing optimism that this year will see the United States joining other progressive Western nations in permitting controlled and regulated betting over the Internet.

    The first opinion comes from the highly respected business analysts at investment bankers Goldman Sachs, who have issued a note to investors predicting that the Americans will legalise and regulate the online gambling industry, woth up to $12 billion a year according to a report from The Examiner.com.

    The note covers the latest attempt by Barney Frank, chairman of the House Financial Services Committee, to introduce legislation that recognises the rights of individual states in legalising and regulating carefully vetted online gambling providers. If passed (see previous InfoPowa reports) this bill would largely negate the controversial Unlawful Internet Gambling Enforcement Act which has cost the industry billions.

    Goldman Sachs advises investors "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."

    Based on a simple grossing up of PartyGamings rake relative to its 9 percent market share, the US poker market alone was worth $1.5 billion in 2008, the report noted.

    Were the market to be legalised, we believe that the size of the revenue opportunity could increase materially, it continued. Based on an assumption of 30 percent penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3 billion a year.

    Were GGR to increase to 45 percent and GGR per player rise to $400, the size of the poker market alone could be worth $6 billion. We also estimate that the casino market could expand to a similar scale, based on various offline penetration assumptions.

    But US players will have to be patient, it appears. There is a strong likelihood that online poker may be legalised in a number of states before the federal government makes any changes to the current laws, the analysts opined, noting that Florida and California in particular could be possible early adapters. And the Franks legislative proposals to liberate the US online gambling market have been delayed until September due to pressure of other work in Congress, and may not be politically debated until the new Congress.

    The momentum at state level, where widening state budget deficits are ratcheting up financial pressures, is clearly building, the report pointed out. Indeed, if California and Florida move forward with legislation to legalise online poker, this could prove the catalyst for other states to follow suit.

    The second perspective came from the highly experienced Canadian online gambling executive Mitch Garber, who until recently headed up Party Gaming and is now managing the new online gambling division of Harrah's Entertainment.

    In an interview with EGR Garber was bullish about the future of the online gambling industry in Northern America, opining that the egaming scene would be dominated by a few strong, global operators where Americans would be free to gamble online legally.

    The future of online gaming is going to be not dissimilar from the current situation with land-based gambling," Garber predicted. "There will be a few, very strong global operators that dominate, and obviously it is Harrahs strategy to be one of those leading global operators, and to leverage our brands and the expertise of the people that Im bringing on board to see that that happens.

    Caesars, Harrahs and the World Series of Poker are all strong brands and part of our strategy is to leverage those. Caesars, Harrahs and the WSOP are the most powerful brands globally, and even if you dont see them in Europe they are still strong and we will use them online.

    Garber emphasised that Harrahs is not yet a global business. The idea is that ultimately Harrahs will be a global business, the executive explained. Today it is not yet a really global business because online gaming is an activity not yet legal in the US, which is the biggest internet market in the world, but the UK and the rest of the EU and the positions they have taken are creating a positive market for opportunity, and we are exploring those opportunities.

    Commenting on US regulation, Garber said: Im very confident that legislators will see that this is an industry that can be properly regulated, and that the technology exists to alleviate concerns about money laundering or age verification.

    "It boils down to the activity being properly regulated and properly taxed. Gaming is an important revenue source in the USA and interactive gaming could be an important extension of that.


    P.P.A. PETITION GATHERS MOMENTUM

    Almost 200 000 signatures in the first week

    Just a week after launch at the World Series of Poker, a petition organised by the Poker Players Alliance to legalise online poker in the United States has almost reached a total of 200 000 signatures - 6 000 over the weekend alone.

    The petition is part of the PPA's National Poker Week awareness initiative, and several major online poker networks such as PokerStars and Cake Poker are supporting the project, offering free roll tourneys and making facilities available to players to indicate their support for the legalisation of online poker. The Poker Players Alliance boasts a membership in excess of a million poker players, and the petition can be expected to grow substantially in the days and weeks ahead.

    The petition requests state and national politicians to:

    1) Exempt poker from the Unlawful Internet Gambling Enforcement Act (UIGEA)

    2) License and regulate internet poker in the US.

    3) Respect the rights of law-abiding Americans who love to play this great game of skill.

    The document reminds politicians that the public response to President Obama's pre-election Citizens Briefing Book (see previous InfoPowa report), which was hosted by Change.gov, overwhelmingly prioritised the need for legalised online poker.

    My midday Monday this week 194 795 poker players and other concerned citizens had virtually signed the petition. A persons first name, last name, e-mail address, mailing address, city, state, and zip code are required to add weight to the petition.

    Former World Champion poker player Greg Raymer urged players to support the petition in an email to PokerStars members he authored last week. In it, he addressed the US president, saying: President Obama Poker is Not a Crime. I am a voter and a fellow poker player asking for your support of my right to play games of skill like poker on the Internet.

    As previously reported, the PPA's National Poker Week runs from July 19th to 25th and is to include discussions with Washington DC politicians by the PPA's 30 state directors, along with high profile figures in the player community.

    Full details are available on the PPA website.
     
    4 people like this.
  30. Jun 30, 2009
  31. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

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    Ahhh the future for American online gambling... A few big operators and everybody else cut out... The American Way.
     
    2 people like this.
  32. Jun 30, 2009
  33. RobWin

    RobWin closed account

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    I don't know about you guys but when I see the words "highly respected business analysts" and "investment bankers" in the same sentence...it really makes me cringe! :eek2:
     
    1 person likes this.
  34. Jul 1, 2009
  35. jetset

    jetset Ueber Meister CAG

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    MORE SUPPORT FOR BARNEY'S BILL (Update)

    Five more Congressman sign up to HR 2267

    HR2267, the Internet Gambling Regulation Consumer Protection & Enforcement Act launched in May this year by Massachusetts Democrat Barney Franks, may have been delayed until September by the work overload in Congress (see previous InfoPowa report), but that hasn't stopped another five Congressmen signing up as co-sponsors this week, bringing the total number so far to 40.

    The latest politicians to give their bipartisan support to the bill, which seeks to regulate and license online gambling in the United States, are Rep. Neil Abercrombie of Hawaii, Rep. Earl Blumenauer of Oregon, Rep. Bill Foster of Illinois, Rep. Tim Ryan of Ohio and Rep. Jerrold Nadler of New York.
     
    3 people like this.
  36. Jul 9, 2009
  37. jetset

    jetset Ueber Meister CAG

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    TWO MORE SPONSORS SIGN UP TO LEGALISE U.S. ONLINE GAMBLING (Update)

    New England Congressmen join the fight

    Congressman Barney Frank's bill HR 2267 aiming to regulate and license online gambling in the United States has acquired two more sponsors, bringing to 42 the number of politicians now on board.

    The latest supporters to sign up for the bill are Representative Paul Hodes from New Hampshire and Representative Edolphus Towns from New York.

    The bill is currently on hold in the House Financial Services Committee until September this year due to pressure of more urgent work connected with the global economic crisis, but as recently as last weekend Congressman Frank, addressing players at the World Series of Poker, urged all interested parties to maintain pressure on their representatives by writing to them in support of the bill.
     
    3 people like this.
  38. Jul 11, 2009
  39. Tengil

    Tengil Senior Member

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    To those that think gambling may be good for the economy:
    You must register/login in order to see the link.

    Collect x in tax when the costs are higher isnt actually a good deal.

    And most people are indifferent if they can gamble online or not. Ask people if they are ready to pay higher taxes or get less services because that a minority would be able to gamble online and the answer is obvious.

    If they would regulate online gambling it hopefully only covers internet poker. At least you play against other players and not the house.

    So regulate online poker yes, online casino gambling no.

    And blackmarkets would still exist.
     

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