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US House votes to kill Internet gambling

Topic closed. 139 replies. Last post 10 years ago by LOTTOMIKE.

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LOTTOMIKE's avatar - cash money.jpg
Tennessee
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Posted: July 13, 2006, 2:23 pm - IP Logged

i agree orangeman as a former smoker,former drinker and former druggie(its been seven years on any of these vices for me) i have one vice and that is a little gambling.i guess i'll chew gum or something when its banned,lol.

 

 

in all seriousness i would rather them regulate it and tax it than ban it.

    LOTTOMIKE's avatar - cash money.jpg
    Tennessee
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    Posted: July 13, 2006, 2:26 pm - IP Logged

    Does this mean that we will no longer be able to play at betslips.com?

    no more gambling at betslips,the quarter store or anywhere.it'll be done.all she wrote.......

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
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      Posted: July 13, 2006, 2:40 pm - IP Logged

      orangeman,

      your post was excellent, just too bad legislators don't think that way.

      On issues like this the masses have to com;y with "extremes", either wide open online gambling, or none.  

        konane's avatar - wallace
        Atlanta, GA
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        Posted: July 13, 2006, 6:10 pm - IP Logged

        I'll preface this post by saying that I have no respect for the New York times ongoing publishing of classified information which has compromised national security.  I hope they are charged and prosecuted to the fullest extent the law provides.

        That being said here is a paragraph from one of their articles concerning lobbying groups pushing to get the internet gambling ban enacted.  Logic prevails that they're at least partially correct although I read on a couple of conservative discussion sites that they felt our rights to choose were being removed and were pretty much against the legislation.

        _______

        ........"Intensive lobbying has surrounded various versions of the bills for years, with newcomers like celebrity poker players joining the fray this time around. Americans are now estimated to spend nearly $6 billion of the $12 billion bet worldwide on Internet games and sports. A broad coalition of the major sports leagues, banking institutions, law enforcement, family values coalitions and religious groups of all denominations rallied on behalf of an online gambling ban.".............

        Good luck to everyone!

          LOTTOMIKE's avatar - cash money.jpg
          Tennessee
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          Posted: July 14, 2006, 2:07 am - IP Logged

          The passage of a bill on the House floor by a 317 to 93 vote banning online gambling has failed to hurt gambling company shares.  In fact, it seems to have done quite the opposite.

          Both Sportingbet and PartyGaming's shares rose after analysts said the latest attempt to ban internet casinos would fail despite its overwhelming support by the House.

          The Internet Gambling Prohibition and Enforcement Act was co-sponsored by Republican congressman Bob Goodlatte, who has called online gaming a "scourge on our society". It was passed by 317 votes to 93.

          And while Arizona Republican Senator Jon Kyl is an adamant supporter of anti-online gambling legislation, the Senate is yet to make this a priority and its passage on the Senate floor appears unlikely at this time.  The Arizona Senator has said he will aggressively pursuit it (an online gambling ban) nonetheless.

          The Senate is not likely to find enough time to debate the bill prior to its yearly recess, which would then mean another bill would have to be drafted for next year and for a seventh consecutive year (excluding 2005 where there was no proposed legislation), attempts to stymie online gambling would once more fail.

            LOTTOMIKE's avatar - cash money.jpg
            Tennessee
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            Posted: July 14, 2006, 2:46 am - IP Logged

            also found this........


            Gamblers' fears might be unwarranted


            Internet gamblers worried about losing their hobby may take comfort from this golden nugget of information.

            Those who advise Internet gambling investors don't seem worried at all.


               
            London-based financial analysts see Tuesday's vote by the U.S. House of Representatives to ban Internet gambling as much ado about nothing, according to Reuters.

            That's because analysts don't expect the U.S. Senate to act on the bill in time for it to become law, thus rendering the House's vote moot. Backing up their beliefs are reports in the U.S. that Senate leadership has not made the gambling bill a top priority.

            Such news may ease the fears of gamblers poised to yank money from their online accounts in reaction to the House vote.

            Internet gamblers wager real money online by opening an account with a gambling Web site. They often use credit cards to fund the accounts, but also can use other methods such as cashier's checks and online services such as blank.

            Once an account is established, a gambler's wins and losses are added and subtracted from that account. Gamblers can withdraw money from their account at any time, regaining their funds via a check or by having the money returned to their credit card or blank account.

            Analysts are paying attention across the Atlantic because companies that run some high-profile online gambling sites are traded on the London Stock Exchange.

            The bill passed by the House on Tuesday would forbid credit cards and other forms of payment from being used to settle online wagers.

            But Nick Jones, a 21-year-old medic at Battle Creek Health System and an avid online poker player, said he'd be surprised if the bill became law.

            "It seems unlikely to me that it would happen - that they would shut down a multibillion dollar industry that way," Jones said Tuesday evening at Arcadia Brewing Co. in downtown Battle Creek,Michigan.

            And those London analysts agree with Jones.

            "Only about seven or eight weeks of Congress will be left for the merged House bill to negotiate the various Senate committees," Richard Carter of Numis Securities said in a Tuesday Reuters article. "In our view this is not enough time for the bill to progress, given the tight end-of-Congress legislation timetable in the Senate."

            In fact, according to Reuters, analysts believe that news of the House's vote in favor of the ban will provide enough weakness in online gaming stocks to offer short-term investment opportunities.

            Among the online gambling stocks being targeted are PartyGaming, which runs the popular PartyPoker site, and Sportingbet, which is affiliated with Paradise Poker, both of which are traded in London.

            "We continue to believe that full passage into law is very unlikely, and would look to buy PartyGaming and Sportingbet on any weakness," Reuters quoted Morgan Stanley as saying in its Tuesday article.

              LOTTOMIKE's avatar - cash money.jpg
              Tennessee
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              Posted: July 14, 2006, 2:51 am - IP Logged

              The Arizona Senator Jon Kyl has said he will aggressively pursuit it (an online gambling ban) nonetheless....

              this would be one thing to keep a close eye on though.

                LOTTOMIKE's avatar - cash money.jpg
                Tennessee
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                Posted: July 14, 2006, 4:03 am - IP Logged

                not trying to give anyone false hope here.just trying to list all the pros and cons i can on the subject so we can view them accordingly........

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                  Posted: July 14, 2006, 5:30 am - IP Logged

                    I agree with Orangeman. The problem fueling this bill is not gambling itself but due to the credit card companies. Even porn sites are being restricted to not using the major credit card companies. Morality aside, it is the enormous unpaid debt being created due to cards illegally used through identity theft, minors illegally using parents' card, and finally the people with addictive personalities who unfortunately become "gamblers". This last item is what the politicians are fronting but not the true reason.

                    The solution is quite simple. The porn sites use paypal which can be paid by check or electronic funds transfer. So money is physically there. The government can authorize and/or create a site like paypal to that does the same which would automatically send the IRS the necessary tax information on winnings. Since withdrawals (losses) and winnings would be listed like a bank statement, the hassle of tax deductions on winnings would also be solved and your losses most importantly would be shown also (since losses tend to be hard to prove).

                   

                   
                   

                    LOTTOMIKE's avatar - cash money.jpg
                    Tennessee
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                    Posted: July 14, 2006, 1:00 pm - IP Logged

                    the only thing to do now is sit back and wait on the outcome.i feel like i'm watching an execution of a loved one,lol.maybe it will get pardoned in the last minutes and gain its life back.......

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                      Posted: July 14, 2006, 6:01 pm - IP Logged

                      Next they will take away our pinball machines.

                      "In the summer of 1941, New York Mayor Fiorello La Guardia, affectionately known as 'the Little Flower' to his constituents, took leave from his normal duties to declare all-out war on an evil that threatened his city. Before an assembled crush of photographers and reporters, La Guardia spoke for a few moments and then picked up a sledgehammer. His eyes popping nearly out of his head, he flexed his shoulders, hoisted the sledgehammer into the air, and brought it crashing down on the polished glass face of the enemy: a shiny, brand- new pinball machine. As strange as the mayor's behavior might seem today, in 1941 a war against pinball was no laughing matter. Pinball machines were devices for gambling. New York would remain pinball-free for 35 years.

                        LOTTOMIKE's avatar - cash money.jpg
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                        Posted: July 14, 2006, 6:06 pm - IP Logged

                        that was a cool story.i never knew they were banned though.i bet organized crime made tons of money on it.........

                          LOTTOMIKE's avatar - cash money.jpg
                          Tennessee
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                          Posted: July 14, 2006, 10:58 pm - IP Logged

                           U.S. House Votes to Ban Internet Gambling

                          In a bizarre move, the U.S. House of Representatives voted to ban Internet gambling this week by an astonishing 317-93 margin. The bill, which has generated no substantial support in the Senate and is widely regarded as an election year ploy, is expected to die quietly in conference.
                          THIS STORY IS FROM CIVIL LIBERTIES

                            LOTTOMIKE's avatar - cash money.jpg
                            Tennessee
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                            Posted: July 14, 2006, 11:12 pm - IP Logged

                            also found this story...

                             

                            Internet Gaming Bill Faces Uncertain Future

                             

                            POSTED: 8:23 am CDT July 12, 2006

                             

                            Don't bet on the Senate following the lead of the House in approving a bill that limits Internet gambling.

                             

                            It is not a top priority for Senate leaders, although its main supporter, Arizona Sen. Jon Kyl, said he will aggressively pursue it.

                             

                            The bill makes it illegal to use credit cards to pay for online bets.

                             

                            It is part of an effort to put a stop to the growing popularity of online gambling.

                             

                            Supporters of the bill say it has caused numerous problems, including huge financial losses and addictions to gambling.

                             

                            Opponents say it's a mistake to try to regulate the industry, noting that prohibition didn't work for alcohol and won't work for gambling.

                             

                            They're also unhappy that it carves out exceptions for horse racing and lotteries.

                            BUSINESS UP ON NEWS OF ONLINE GAMBLING BAN
                             
                            Not what the US legislators would expect to see
                             
                            Fears that the US House of Representatives vote to ban online gambling would impact on share prices were clearly exaggerated, as London share prices on gambling companies actually improved.
                             
                            Shares in the PartyPoker giant – the world’s biggest online poker company - lifted more than 5 percent as investors in London gambled on a less enthusiastic response to the Bill when it reaches the Senate.
                             
                            Smaller operators also benefited, with shares in Sportingbet up 4 percent and Empire Online 1 percent higher, although 888 Holdings fell half a penny.
                             
                            ABN Amro analyst Michael Pacitti said support for online gaming stocks came amid doubts that the Bill will get through the Senate.
                             
                            “Congress approved the Bill to prohibit online gaming,” he said. “This was expected. The Bill must now go to the Senate where we believe there will be greater opposition.”
                             
                            The Internet Gambling Prohibition Act is sponsored by Republicans Bob Goodlatte, of Virginia, and Jim Leach, of Iowa, who managed to get similar Bills through Congress in 2002 and 2003 but failed to win the support of the Senate.
                             
                            “We doubt that this most recent attempt will have greater success,” said Pacitti.
                             
                            “What changes in practice following the passage of this Bill in the lower house? Nothing.
                             
                            “PartyGaming and others can continue to operate as they currently do.”
                             
                            Analysts at Dresdner Kleinwort added that there may not be time for the Bill to gain Senate backing with just 15 business days to the summer recess and 32 days before the mid-term elections in November. Dresdner said: “The probability of the Bill passing Senate has not gone up.”
                             
                            Online gaming shares have suffered in recent months by uncertainty caused by the threat of the ban under the Bill, with PartyGaming shares slumping 6 percent since the Bill was introduced.
                             


                              Rick G's avatar - avatar 1766.jpg
                              FEMA Region V Camp #21
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                              Posted: July 14, 2006, 11:17 pm - IP Logged

                              Next they will take away our pinball machines.

                              "In the summer of 1941, New York Mayor Fiorello La Guardia, affectionately known as 'the Little Flower' to his constituents, took leave from his normal duties to declare all-out war on an evil that threatened his city. Before an assembled crush of photographers and reporters, La Guardia spoke for a few moments and then picked up a sledgehammer. His eyes popping nearly out of his head, he flexed his shoulders, hoisted the sledgehammer into the air, and brought it crashing down on the polished glass face of the enemy: a shiny, brand- new pinball machine. As strange as the mayor's behavior might seem today, in 1941 a war against pinball was no laughing matter. Pinball machines were devices for gambling. New York would remain pinball-free for 35 years.

                              Tinker,

                              Thanks for that historical background. A great example of ridiculous "protection" for our own good.

                              The best protection for our own good would be to make it available to the voters to instantaneously impeach our "protectors". Every Monday there should be an impeachment election.

                              Posted 4/6:  IL Pick 3 midday and evening until they hit:  555, 347 (str8).


                                 
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