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Internet Gambling Law will be voted on and passed in December

Topic closed. 49 replies. Last post 7 years ago by Harve$t Moon.

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four4me's avatar - gate1
MD
United States
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June 18, 2003
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Posted: November 20, 2009, 7:44 pm - IP Logged

well I am not a lawyer..but as soon as the Congress repeals it, it will be legal..I mean..how can they charge you with anything or go after your bank account or anything like that when Congress just made it LEGAL!!!!

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.

Big John says. You don't hit the number. The number hits you!!!!

               I'm not Big John, I'm Four4me, Big John's a friend.
    lotterybraker's avatar - pyramid
    mississippi
    United States
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    March 3, 2006
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    Posted: November 20, 2009, 8:23 pm - IP Logged

    Heh Four4me...maybe that bill will get repealed pretty quick so we dont have to worry about it anymore..I am like most...I dont think it should have ever been passed to start with in 2006...but oh well..we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!!!!

    "Attention all Mathematicians: Check your degree at the door because when it comes to whole numbers you are the Amateur"

      AceKicka's avatar - Lottery-057.jpg
      THE LEGEND RETURNS
      Triad, N Carolina
      United States
      Member #53117
      June 24, 2007
      6085 Posts
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      Posted: November 27, 2009, 6:47 pm - IP Logged

      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!  Thumbs Down

      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!!"

      "Game On.......'CAUSE ACE HAS YOUR NUMBER!!"

                                                                                -- (AceKicka '07)

        four4me's avatar - gate1
        MD
        United States
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        June 18, 2003
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        Posted: November 27, 2009, 10:17 pm - IP Logged

        Thanks Ace for the update.

        Yep! read it and weep!

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

        Big John says. You don't hit the number. The number hits you!!!!

                       I'm not Big John, I'm Four4me, Big John's a friend.
          mookyb75's avatar - animaniacs41
          nashville nc
          United States
          Member #81934
          November 2, 2009
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          Posted: November 27, 2009, 10:33 pm - IP Logged

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

           Rainbow 

          My mind on my $$$$
           
           
           
           
           
           
           
           
           
           
           

            mookyb75's avatar - animaniacs41
            nashville nc
            United States
            Member #81934
            November 2, 2009
            657 Posts
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            Posted: November 27, 2009, 10:35 pm - IP Logged

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

             Rainbow 

            My mind on my $$$$
             
             
             
             
             
             
             
             
             
             
             

              Littleoldlady's avatar - basket
              Clarksville
              United States
              Member #487
              July 15, 2002
              17638 Posts
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              Posted: November 27, 2009, 10:45 pm - IP Logged

              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.

              If you know your number is going to hit, have patience and then KILL IT!

              You never know when you will get another hit.

                ThatScaryChick's avatar - x1MqPuM
                Idaho
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                November 21, 2007
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                Posted: November 28, 2009, 12:15 am - IP Logged

                Thanks Ace for the update.

                Yep! read it and weep!

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

                Well, that sucks. I was hoping, that maybe, we would only have to wait a couple of months for things to get going. No Nod

                "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                  LOTTOMIKE's avatar - Lottery-063.jpg
                  Tennessee
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                  October 15, 2004
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                  Posted: November 28, 2009, 3:08 am - IP Logged

                  Long   Live   LottoMike!!

                  Wink

                    AceKicka's avatar - Lottery-057.jpg
                    THE LEGEND RETURNS
                    Triad, N Carolina
                    United States
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                    June 24, 2007
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                    Posted: November 28, 2009, 8:52 am - IP Logged

                    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. Thumbs Up (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............

                    "Game On.......'CAUSE ACE HAS YOUR NUMBER!!"

                                                                                              -- (AceKicka '07)

                      Raven62's avatar - binary
                      New Jersey
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                      June 28, 2005
                      51134 Posts
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                      Posted: November 28, 2009, 9:31 am - IP Logged

                      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. Thumbs Up (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.

                      A mind once stretched by a new idea never returns to its original dimensions!

                        Avatar
                        Kentucky
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                        February 14, 2006
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                        Posted: November 28, 2009, 10:21 am - IP Logged

                        First I heard of this, you can do it anyway. The Slots, the Lottery, the Horses. They said it was illegal, but I don't think it is. Maybe certain States I guess. I can do it rght now if I want to any game. Only thing about gambling online, I wouldn't  bet a whole lot of money. It might be a malfuction of some sort. I would be mad as Hell!

                        "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.

                          mjwinsmith's avatar - moon

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                          Posted: November 28, 2009, 10:29 am - IP Logged

                          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.

                            diamondpalace's avatar - Untitled 2.jpg
                            Dallas, TX
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                            April 12, 2008
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                            Posted: November 28, 2009, 5:03 pm - IP Logged

                            I'm dangerous playing online...

                              lotterybraker's avatar - pyramid
                              mississippi
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                              March 3, 2006
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                              Posted: November 28, 2009, 7:08 pm - IP Logged

                              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.

                              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..

                              "Attention all Mathematicians: Check your degree at the door because when it comes to whole numbers you are the Amateur"