Print 63 comment(s) - last by Fnoob.. on Oct 4 at 6:33 PM

Something tells us that it's no bluff

Relax, your World of Warcraft addiction is safe. Your Party Poker addiction, however, is in a bit of peril as U.S. Congress passed legislation to end Internet gaming (gambling). More specifically, the House of Representatives and Senate over the weekend approved a bill that would make it illegal for banks and credit-card companies to make payments to online gambling sites.

International online gaming companies PartyGaming Plc, Sportingbet, and 888 Plc are likely to pull out of the United States. According to this Reuters report, PartyGaming generates about 78 percent of its revenue from the United States, while Sportingbet gets about 62 percent there. More details from this Citywire story

Provisions in the bill, in a section labelled the 'Unlawful Internet Gambling Enforcement Act of 2006', outlaw the processing of payments between US gamblers and on-line gaming companies. Although the act makes unlawful the receipt by a gambling business of proceeds or money in connection with unlawful internet gambling, it does not clarify the definition of unlawful gambling. But PartyGaming says that if the bill is signed it will be practically impossible for it to provide US residents with access to its real money poker and other real money gaming sites.

Analysts say that this law won’t go unchallenged, but for now, President Bush’s signature looks to be the nail in the coffin.

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Moral Extremism
By Fnoob on 10/2/2006 7:31:46 PM , Rating: 2
Yet another market frightened oversees.

At least those of you opposed have been enjoying the tax revenue...

RE: Moral Extremism
By Tewt on 10/3/2006 10:40:31 AM , Rating: 2
Can someone set me straight on what I'm reading? It sounds like the companies are currently based in the USA and people access them online to gamble. That means jobs for US citizens and taxes for the government. They are now moving overseas but US people will still be able to access the gambling sites?

If I am reading this correctly, this benefits the US economy how? It sounds like the supposed [gambling] problem still exists but now the US cannot benefit from employment and taxes.

RE: Moral Extremism
By Fnoob on 10/4/2006 6:33:46 PM , Rating: 2
That was exactly my point. At least one person gets it... thank you.

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