Government Delays New Ban On Internet Gambling 143
The Installer writes with this quote from the Associated Press:
"The Treasury Department and the Federal Reserve are giving US financial institutions an additional six months to comply with regulations designed to ban Internet gambling. ... The delayed rules would curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling. They had sought a 12-month delay in implementing provisions of the Unlawful Internet Gambling Enforcement Act that Congress had passed in 2006. ... US bettors have been estimated to supply at least half the revenue of the $16 billion Internet gambling industry, which is largely hosted overseas."
Who wants to bet with me? (Score:2, Interesting)
A hundred bucks this ban gets overturned by Congress before six months is up.
Why can't we have on line sports betting in the us (Score:4, Interesting)
Why can't we have on line sports betting in the us?
We can tax it and make money off it vs not getting tax on the people who sent there money to places out side of the us to do the same thing.
definition of what constitutes Internet gambling (Score:3, Interesting)
Don't forget to include "buying stocks on-line." After all, the stock market IS gambling.
And "mail-order Russian brides."
And "Investing in Internet companies".
These all meet any definition of online gambling that would include wagers on the outcome of an event, same as betting on horse races, football games, and powerball draws.
Re:Nothing escapes the web (Score:1, Interesting)
No, there wasn't any loan shark. His "buddies" just wouldn't play with him until he paid off what he owed them. Also, the arson wouldn't have been so bad if the insurance money had gone to a new house instead of being gambled away.
As I said in another post, I don't think banning gambling (or any other vice) is a solution. I just hate the argument that there are no victims when I've seen them and been one.
If you fail, redefine success! Politics 101. (Score:3, Interesting)
I am serious... however, one has to come up with a measure of success before something can be called a failure.
Argumentative types (clever fools) will claim anything they want is a failure by setting their own success levels to meet whatever their goal is; possibly being inconsistent as well.
Field of Dreams got it wrong: If people want it, somebody will build it.
The problem is one of regulation. Internet gambling is not regulated and therein is the problem. Corporations (and their websites) can outmaneuver the governments in the 'free' market and obviously in the black market (the more 'free' the market the more it resembles a black market; clearly not to the extreme ends of the analogy.) Mostly, government is upset that they can not TAX (aka regulate) internet gambling and the competing USA gambling interests are not happy either...
I wonder if the ban can hold. The WTO dictates the USA has no sovereignty on such things (they won't openly say it) and so the WTO is punishing the USA for this ban. Last I heard was the WTO was going to involve the media by allowing some nations to violate our copyright as punishment for going against the WTOs ruling against our nation's right to block unregulated gambling.
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Question: When are we going to realize there is a population level where there are not enough viable jobs to go around?