New Law Cripples Internet Gambling (biggest worldwide customer is US)

[rodeodance]

http://www.washingtonpost.com/wp-dyn/content/article/2006/10/13/AR2006101300147_pf.html

New Law Cripples Internet Gambling
Banks Are Barred From Handling Transactions

By Frank Ahrens
Washington Post Staff Writer
Saturday, October 14, 2006; A01

Placing bets over the Internet was effectively criminalized by the federal government yesterday, as lawmakers work to eliminate an activity enjoyed by as many as 23 million Americans who wagered an estimated $6 billion last year.

Attached to a port-security bill signed by President Bush yesterday was the Unlawful Internet Gambling Enforcement Act, which prohibits online gamblers from using credit cards, checks and electronic fund transfers to place and settle bets. The law puts enforcement on the shoulders of banks and other U.S. financial institutions, some of which fought the legislation.

The bill's sponsor, Rep. Robert W. Goodlatte (R-Va.), said he opposes all gambling, citing its "ill effects on society," but particularly Internet gambling, which led him to draft the legislation in the summer. Senate Majority Leader Bill Frist (R-Tenn.) attached Goodlatte's bill to the port-security measure to ensure its passage and Bush's signature.

...........The new law is potentially crippling to a worldwide industry whose biggest customer has been the United States. Already, several online wagering businesses have pulled their operations out of the United States and some have collapsed, including publicly traded companies in Britain, where online betting is legal and regulated. International online gambling businesses have been watching closely as U.S. regulatory and law enforcement officials stepped up their campaign against online wagering in recent months.

[Waya]

1. 'ill effects on society'.......

.....what's gonna be next?:crazy:

[Demeter]

2. I Really Don't Know How I Feel About This

If the Fed. Gov't is so worried about Internet gambling, then why permit the lotteries run by states and regions?

If on the other hand, the Feds are worried about lost tax revenue, then why not go after the big money--corporate and wealthy, esp. capital gains and estate taxes? Most of the money bet online is lost, by definition.

It looks so petty, and unconstitutional.

I know that gambling addiction destroys people and their families and weakens society, but hypocrisy is no better, and violating the law of the land is even worse!

[C_U_L8R]

3. What's next.. banning pool ???

"we've got trouble with a capital P"

what fucking nudniks !

[Moderator]

4. duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=2560352