Internet Gambling Law will be voted on and passed in DecemberPrevious TopicNext Topic

Lotterybraker There are people playing offshore now.

If my name was John Smith or Billy Bob I'd think about it. LOL

Once it's legal it wouldn't be a big deal.

Heh Four4me...maybe that bill will get repealed pretty quick so we dont have to worry about it anymore..I am like most...I dont think it should have ever been passed to start with in 2006...but oh well..we have to do what they say until it can get changed...good luck to everyone!!!!

Latest NewsFlash::  Internet Gambling Law will NOT be voted on in December - It has been delayed until June 2010 (at least).

Way to go, Congress! 

On another subject, if you don't know how out of control this GOV is, set your recorders tonight to catch Glenn Beck on Fox.

WAKE UP AMERICA!! "WHEN THE PEOPLE (FINALLY TAKE THE) LEAD - THE LEADERS WILL FOLLOW!!"

Thanks Ace for the update.

Yep! read it and weep!

http://abcnews.go.com/Technology/wireStory?id=9190086

i think it should be passed to law they allow betting on everything else online

i wouldn't bet too much in nc they are the hardest state to hit shutting down the lottery 20 min before drawing

I think they delayed it mainly to come up with some kind of laws for it and to make rules for it.  The article said that Americans account for 1/2 of 16 billion spent on online gambling.  That is a lot.  Right now, folks are still gambling online and it would take someone winning probably 1 million or more to get the attention of the Feds.  I don't think they will come after some quarter player. 

The fat cats will get a chance to buy all of the stock in these companies that oversee internet gambling and when it comes in, they will make a killing.  I don't know how banks will be affected but I do know that if they cannot accept deposits from gamblers, then they will be mad because they will be left out. So some improvements of the banking regulations will have to be made for them.  It takes time to undo legislation and they want this done correctly.

I was more appalled at the way the legislation was passed in the first place.  9:00 at night attached to a port bill.  That attachment was someone's doing who had a beef with the online gambling industry.  Probably a favor for a friend.

Well, that sucks. I was hoping, that maybe, we would only have to wait a couple of months for things to get going.

By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON November 27, 2009 (AP)

''The Bush administration issued regulations to enforce the law in November 2008 and had set Dec. 1, 2009, as the date financial institutions would have to begin complying.

However, in a joint notice Friday, Treasury and the Fed said that several members of Congress had sought a delay, arguing that there was considerable support for new legislation to clarify the current laws.

The two agencies said groups seeking a delay had provided sufficient reasons to justify a limited six-month postponement of the rules. Financial organizations including the American Bankers Association had sent the agencies letters supporting a petition filed by gambling industry associations seeking a delay.

House Financial Services Committee Chairman Barney Frank, D-Mass., praised Friday's announcement. He is sponsoring legislation that would roll back the 2006 law that bans financial institutions from handling transactions made to and from Internet gambling sites."

From what this is saying, maybe it's a good thing.  (AceKicka has now overturned his thumbs down to Congress) There would have been no vote for an automatic overturn. Congress hasn't been focused on anything that makes sense lately anyway, so it will unfortunately take more time. I think that for the most part it's all about the poker sites. From what I've seen, there aren't that many legitimate online lottery sites.

As it looks, in 6 months time, things will probably be a lot worse. There are waaay too many other things that are more important to them than cracking down on small-time online gamblers. My advice until then is to "KALP"            (keep a low profile)

This is something that I didn't know; the ban that the Bush Administration had passed never 'really' kicked in. It was to begin next week. Maybe the Bush Ban will NEVER take effect. So why did the banks immediately stop handling transactions in 2006?

And with this new delay, will they see it as a sign to go back to business as usual, pre-Nov 2006? We all know that they're in BIG trouble with their balance sheets. Stay tuned for more developments............

Friday, November 27, 2009 (newsmax)

Government Delays New Ban on Internet Gambling

WASHINGTON -- The Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban unlawful Internet gambling.

The two agencies said Friday that the new rules, which were to take effect on Dec. 1, would be delayed until June 1 of next year.

The rules seek to curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling.

"They said it was illegal, but I don't think it is."

It doesn't matter if it's legal or not if you can't collect the winnings.

The effect of the online gambling ban is the same as purchasing $500 worth of casino chips at Mountaineer Park and trying to cash them at your local bank. The only place you can exchange the chips for currency is at Mountaineer Park. It's no different than trying to cash a winning Michigan lottery ticket at your local Ohio Lottery retailer or a winning Thistledown ticket at Northfield Park.

The 2nd National Bank of the Isle of Man will gladly accept a personal check written from a Bank of America account to an offshore online gambling house that has an account with their bank but Bank of American can't legally cash a check written by them and be in compliance with the Internet Gambling Enforcement Act.

The Treasury Department extended the full compliance date to June 1, 2010 so possibly some US banks will still credit their accounts with gambling winnings from offshore banks until that date or when Congress repeals the Act.

The Treasury Department extended the full compliance date to June 1, 2010 so possibly some US banks will still credit their accounts with gambling winnings from offshore banks until that date or when Congress repeals the Act.

I agree with Stack47 on this. This is just a stop-gap measure until Congress repeals the Act. US banks are already in poor shape without having to implement some measures that just might get reversed in a short period of time. Besides, they are only doing this so as to get TAX revenue from on-line gambling proceeds.

I'm dangerous playing online...

well form what I saw on CNBC..they are going to vote on the legislation in December to repeal it..Now them people THAT THEY HAVE ON cnbc AND OTHER NEWS AGAENCIES are well informed on what is about to hit the Floor for a vote etc..etc..etc..so..I am going to take their word thatT, the  vote on REPEALING THAT LAW will be in December like they said...and like they said ..it is going to pass because 1. They want the tax revenue and 2. Several of our trading partners, MOSTLY FROM EUROPE, are outraged by the passage of the bill to begin with..