This has been bothering me, and this post was triggered by the John Campos sentencing.
Since the DOJ has expressly said online poker is NOT a violation of the wire act (and thusly not a violation of UIGEA), doesn't that mean that banks are ALLOWED to transact business with poker sites?
I understand that the Black Friday indictments were about defrauding banks (though it was fraud committed to circumvent a law that, as it turns out, shouldn't have applied to their transactions anyway) but what's to stop a small independent bank (like Campos's) to start processing payments for a site?
If there are no laws prohibiting something doesn't that make it legal? Most states still don't have any specific legislation targeting online poker, and the Fed has said they have nothing.
It shocks me that no company has jumped into the void that is the US with this mindset. There are certainly greater legal minds than mine out there, but I sure can't see a problem with my logic.
A few companies have tried to till the void, but however u wanna look at it they have failed epically. They are all for max profit in the shortest time, be it bovada's anonymous tables, merge and the now defected lock/cake debacle. Granted I don't have a business degree, but IMO it'd be better for any business to try and attract new business as opposed to disrespect and run off their existing customers. I cant even recommend online dep bonuses freerolls to dolts, let alone semi competent players I see playing live locally because its so bad. I don't want to deal with the reprecussions of the sites standard operations in my hometown. There's a lot of people that were top level online pre black Friday that can barely break even online in the US; many have quit even trying until its regulated and "fair & legit" for lack of a nicer way to put it.
Edited By: bwalz Jun 28th, 2012 at 03:46 PM
There are few people more cynical than me when it comes to government.
The problem in Washington DC is that no senator has a brother-in-law who could make a fortune from online poker.
Until Annie Duke or Jen Harmon (or Tilley, etc) marries a senate committee chairman (or at least has an affair with one) , there is NEVER going to be a financial or political motive for lawmakers to pass the laws necessary to bring back online poker in the US.
It's the "Washington Way."