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  1. #1
    Kung Fu Master Eathan's Avatar
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    Progress Made Towards Legalizing Internet Gaming
    The House Financial Services Committee approved a bill yesterday to legalize and tax Internet Gaming. The vote was 41 to 22 with 7 Republicans crossing the aisle. This will send it out the the House proper for a vote.

    This is an industry not much talked about here, but many affiliates have been watching this since the banking ban in '06. I know there are some strong opinions on both sides, but I have to agree with Barney Frank: “Some adults will spend their money foolishly, but it is not the purpose of the federal government to prevent them legally from doing it.”

    Anyway, I don't want to start a debate, just wanted to post the news for those who are interested.

    Article: http://www.nytimes.com/2010/07/29/us...mble.html?_r=1
    Eathan Mertz

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  2. #2
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    Quote Originally Posted by Eathan View Post
    I have to agree with Barney Frank: “Some adults will spend their money foolishly, but it is not the purpose of the federal government to prevent them legally from doing it.”
    No, it is the purpose of the Federal Government to tax it, so of course they want to legalise it.

  3. #3
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    Hopefully this goes thru, except:

    "On Wednesday, the House Financial Services Committee approved a bill that would effectively legalize online poker and other nonsports betting, overturning a 2006 federal ban that critics say merely drove Web-based casinos offshore."

    That's the only kind I'm interested in, sports gambling. I wish they would open it all up.

  4. #4
    Kung Fu Master Eathan's Avatar
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    Quote Originally Posted by Trust View Post
    That's the only kind I'm interested in, sports gambling. I wish they would open it all up.
    The book maker's lobby must have more pull than the tribes...

    I am a little suprised that sportsbetting isn't included. Off track betting on horse racing has been legal forever (I think), so why not sportsbetting? Anyone know the reasons for the exclusion?
    Eathan Mertz

    Black Cat Mining - Gold Prospecting & Rockhounding Equipment

  5. #5
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    I just read that - http://sportsgambling.about.com/od/s...a/betlegal.htm

    "Further complicating things, at least as far as the WTO was concerned, was that the U.S. allows Internet betting on horse racing within the country, and Antigua's trade sanctions will be allowed to continue until the U.S. allows Americans to bet with foreign gaming operators, or eliminates off-track wagering on the Internet."

    Where?

    As far as sports betting, the major sports leagues:

    "The leagues argued that "would irreparably harm professional and amateur sports by fostering suspicion and skepticism that individual plays and final scores of games may have been influenced by factors other than honest athletic competition," and were able to sway the Third U.S. Circuit Court of Appeals and a federal appeals court to their way of thinking."

    David Stern from the NBA would be the closest to opening it up some - http://sportsillustrated.cnn.com/200...own/index.html

  6. #6
    Kung Fu Master Eathan's Avatar
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    Quote Originally Posted by Trust View Post
    ...would irreparably harm professional and amateur sports by fostering suspicion and skepticism that individual plays and final scores of games may have been influenced by factors other than honest athletic competition
    Seems like an odd position when sports betting already exists. How do they reconcile that with Vegas and offshore book makers? The suspicion is there regardless.
    Eathan Mertz

    Black Cat Mining - Gold Prospecting & Rockhounding Equipment

  7. #7
    The "other" left wing davidh's Avatar
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    As far as the sports leagues go, gambling payouts are calculated and paid out on a parimutuel basis. Gaming operators take their cut of all wagers made and pay out a certain percentage of the total wager pool; they do not stand to make any more or less money depending on the outcome.
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    In other words, your old pop who plays cards online for the pot is going to get a much lesser pot than usual :\

  9. #9
    ABW Ambassador Daniel M. Clark's Avatar
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    Tax it... how? Forcing us to including wins/losses on our income tax returns? That's already the law. Taxing the income of the companies? Many of them are already offshore and not subject to U.S. tax law anyway. If they do manage to tax the companies, they'll simply start taking more of a rake, essentially making the players pay their tax bill.

    They should legalize it because it's the right thing to do, not because they think they can make a buck from it.
    Daniel M. Clark
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