Poker Legislation
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In your opinion, should we cashout a decent portion of our money before December 1st?
If banks are to stop processing "transactions," these will include both deposits AND cashouts, right?
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I can't guarantee anything, of course, but I can tell you what I'm going to do. The way things stand today, I'll be keeping my money on the sites.
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If you NEED the money NOW, then the safest move is to take it off the sites. 12/01/09 is a new big "gamble" in the world of online poker. The general consensus among the experts in the field is that full implementation of the UIGEA will make quick and easy deposits/withdrawals less common. How much less common is the open question.
TE's advice is good if you want to continue to play uninterrupted and don't need to get your money in a hurry. The sites are not going to stiff you no matter what effect final implementation of the UIGEA has, and you will still be able to get money on and off somehow (such is the nature of the modern financial system). The issues will be about how fast and how easy it is to get money on and off.
If you rely on fast echecks/paperchecks and other quick and easy methods, you may well find things not so quick and easy after 12/01 (it will depend on a lot of factors too hard to predict at this point). This does NOT mean the "sky is falling" - you may not be affected at all, or you may find that while you will still be able to get the money on or off eventually, it will be slower. Adjust accordingly.
Skallagrim
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Great responses, Engineer and Skallagrim. Thanks a ton.
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imo it would seem that all the restrictions that banks have are in place right now...it's not like we're gonna wake up dec. 1st and suddenly they'll know what check/wire is online gaming and what is not.
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It might affect for some people because
transactions won't be fast or quick. But it is the responsibility of
payment gateways to provide constant communication to their
customers.
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For a US player, what are the best options for cashing out not including a paper check? i deposited using and E-check to full tilt but can i cash out in a similar manor? if how, were too? Are there other alternatives for US players?
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premium bank wire on tilt has worked for me so far...costs a bit to do these wire transfers, but smooth and easy.
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 calebku33: | |
In your opinion, should we cashout a decent portion of our money before December 1st?
If banks are to stop processing "transactions," these will include both deposits AND cashouts, right?
My understanding is that it is deposits that will be most affected. Soon after the UIGEA passed, I came upon an article written by one of the leading experts in online gaming law, can't remember his name now, who reviewed the legislation. This was his opinion-payments to gaming sites would be restricted and not viceversa.
When you think about it that kinda makes sense if their ultimate goal is to destroy these sites. What business can survive having to make consistant payouts whilst not receiving any income?
They'll kinda rot them from the inside out.
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How are state laws applied? For example, if your "permanent residence" is listed in a state that has a negative stance on on-line poker but you attend school in a state that hasn't taken a stance either way, which laws will affect you? I have lived/worked and paid state taxes in a state that hasn't taken a stance and have done all my banking here for 4+ years but to receive financial aid for school I have had to use my parents address as my permanent address.
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| JstGettinBy: | |
How are state laws applied? For example, if your "permanent residence" is listed in a state that has a negative stance on on-line poker but you attend school in a state that hasn't taken a stance either way, which laws will affect you? I have lived/worked and paid state taxes in a state that hasn't taken a stance and have done all my banking here for 4+ years but to receive financial aid for school I have had to use my parents address as my permanent address.
I don't think banks will try to differentiate based on state law.
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