Check out our brand new Local Poker Communities! Get updates and interact with poker players in your area.
Visit the United States Poker Community | Visit the California Poker Community | Read more about the Launch of P5s Local

explain the whole online gambling bill

Reply to Thread
  1. idc219 idc219 is offline

    Posts: 760
    Joined: May 06

    Oct 3rd, 2006 (10/3/2006 5:14pm)

    in a short paragraph can some one explain what the hell it means. i keep seeing articles that the bill means banks can not do buisseness with poker websites. However i thought that is why we use netteller, firepay, etc. then i see that party poker, poker stars will pull out of us. What do they mean? does it mean if you live in america you can not play on there site? I seen articles but rather hear the cliff note version. ty
  2. johns05 johns05 is offline

    Chicago, IL
    United States

    Posts: 658
    Joined: Oct 05

    Oct 3rd, 2006 (10/3/2006 5:18pm) in reply to idc219

    busto
     
  3. jerichoholic jerichoholic is offline

    Bad Axe, MI
    United States

    Posts: 12,448
    Joined: Feb 06

    Oct 3rd, 2006 (10/3/2006 5:20pm) in reply to johns05

    lemon crusted halibut?
  4. johns05 johns05 is offline

    Chicago, IL
    United States

    Posts: 658
    Joined: Oct 05

    Oct 3rd, 2006 (10/3/2006 5:21pm) in reply to jerichoholic

    ^^^^^^^That is a much better explaination.
     
  5. frozenhead frozenhead is offline

    United States

    Posts: 1,525
    Joined: Jun 06

    Oct 3rd, 2006 (10/3/2006 5:23pm) in reply to idc219

  6. computerb computerb is offline

    Nashville, TN
    United States

    Posts: 10,169
    Joined: Mar 06

    Oct 3rd, 2006 (10/3/2006 5:37pm) in reply to frozenhead

    A man without GOD is like a fish without a phillips screwdriver.
  7. icecoldkiller icecoldkiller is offline

    Brookeville, MD
    United States

    Posts: 260
    Joined: Jun 06

    Oct 3rd, 2006 (10/3/2006 5:52pm) in reply to idc219

    This information has been posted and reponded to here many times, if you look back through the forum.

    In a nutshell, the law is to prevent US banks from processing monies related to illegal internet gambling.

    The ewallets you mentioned were originaly developed to help PAY for purchases made online, to protect your credit cards and/or bank accounts. Pretty much a one way process. So in theory, any monies you receive back from them should only be refunds, or monies you never used to make your purchase.

    The real issue, for me anyways, is not how to get money on the poker sites, but how do I get it off. Right now I just ACH my winnings back to my bank account. The new law will require the banks to somehow restrict these deposits, and maybe report them. If I withdrew $100 and later deposit $1,000 using the same ewallet, this will cause an investigation.

    Since the FED controls the background processing, based on things like routing numbers, they can in essence just block usage of ACH from these companies, even using the credit/debit cards.

    Of course under the law your bank wiull not be able to cash checks yoou receive, if you try that method.

    Many here argue this is not possible, or enforceable.

    It is both possible and enforcable.

    As a US citizen I find it to be BS!!
  8. idc219 idc219 is offline

    Posts: 760
    Joined: May 06

    Oct 3rd, 2006 (10/3/2006 6:16pm) in reply to icecoldkiller

    ty
    Thread Starter
Reply to Thread