Online Gambling.... WTFPWNED?

[Wezas]

House votes Yes on Net-Gambling crackdown (http://news.com.com/2100-1030_3-6092852.html)


By a vote of 317 to 93, politicians approved a controversial bill that tries to eliminate many forms of online gambling by targeting Internet service providers and financial intermediaries, namely banks and credit card companies that process payments to offshore Web sites.


Abramoff's plea agreement says he offered illegal bribes relating to "stopping legislation regarding Internet gambling."


While some Democrats supported the measure, most criticized it as unnecessary and riddled with loopholes. One section of the bill, for instance, indicates that betting on horse racing will remain legal. (The National Thoroughbred Racing Association said in an earlier statement that its members can "continue to conduct interstate, account and Internet wagering.")

At one point, Rep. Shelley Berkley, a Democrat from Nevada, offered an amendment that would have eliminated what she called the "hypocritical exemption" by flatly banning all forms of Internet gambling. It failed by a vote of 114 to 297.

[Anebriated]

That sucks. I hope they dont touch poker or sports betting but they probably will...

[Wezas]

That's exactly what they're targetting.

[Latrinsorm]

Haven't there been poker sites that "aren't really gambling" for awhile now?

[Wezas]

I know there are several sites that don't use any real money. Just to teach people or to have fun.

Also there's BetOnSports.com that had some legal issues from not paying out people for their winnings, though I think it was resolved.

The bill isn't going after the gambling sites, per-say, but more blocking transactions from banks/credit card companies to fund the accounts on those sites.

[Back]

I know there are several sites that don't use any real money. Just to teach people or to have fun.

Also there's BetOnSports.com that had some legal issues from not paying out people for their winnings, though I think it was resolved.

The bill isn't going after the gambling sites, per-say, but more blocking transactions from banks/credit card companies to fund the accounts on those sites.

Correct. Because on-line gambling is legal in Britain and other parts of the world this is meant to stop Americans from using American banking or credit accounts to pay-to-play on sites outside the US.

[Wezas]

I've already heard people on the radio talking about opening british checking accounts to circumvent this.

[Miss X]

We don't want your dirty American money in our nice clean British accounts!!!

[Wezas]

I'll remember that when you ask for the WoW Expansion - American version.

[Daniel]

Globalization ftw.

[Mighty Nikkisaurus]

We don't want your dirty American money in our nice clean British accounts!!!

Too late! Though actually I believe we're using a Norwegien or Swedish account. Still though. It'll eventually dirty your banks, I promise. *evil laughter*

More on topic, the stuff about morals is stupid. My boyfriend put himself through college with hold'em money and to this day the extra kickback from his gambling has helped makes things a bit more comfortable/cushy for us by paying off some bills, etc etc. These people remind me of my mother where in according to her EVERYBODY who gambles is going to get addicted and lose every pay check they bring home to the casino on red or black.

[Skeeter]

the govt will back off once they figure out how to get a cut of the money.

[Atlanteax]

I use www.tradesports.com which is based in Ireland. Never had a problem with monetary transfers (both ways).

[Wezas]

The problem is, you won't be able to transfer from your personal bank account to that company or any gambling related services.

The restrictions are on US banks/Credit Card Companies.

[Skeeter]

this is mainly posturing for votes. it still has to go in front of the senate, which isn't likely since the senate is about to adjourn for the year.

This has been passed in the house before, and the senate ignored it.

[crazymage]

That's why i use Netteller, it's just a poor mans paypal, but perfectly legal :)

[Atlanteax]

That's why i use Netteller, it's just a poor mans paypal, but perfectly legal :)

Yep, to Tradesports.com and back, as the 3rd party intermeditary.

[ElanthianSiren]

you people are making me want to gamble money.

Commmmmmmmmme to the darkside and all that Darth Vadar crap.

-M

[Stanley Burrell]

Y'all should play some bingo.

Holla.

(Nursing home ninjas will strangle you with colostomy bags if they don't get their payment [which usually involves non-carb candies and/or granola bars and/or leaf stencils {but still.}])

[Atlanteax]

you people are making me want to gamble money.

Commmmmmmmmme to the darkside and all that Darth Vadar crap.

-M

There's a financial subcategory.

For example, today (and most days that the market is open), you can "trade" (bet) how the DOW will perform.

You can bid/buy if you think it'll close higher than +0, or +25 or +50 or lower than -25 or -50 ... and similiar for 11am and 1pm.

The difficult part is the pricing will range from 0-100 (0 being "false" and 100 being "true") which is essentially driven by supply and demand. So you may have to try to ensure that there'll be a buyer/seller around your desired price range and quantity.

The "cool" part is that the price will fluctate during the course of the event until it's conclusion (where Tradesports will then fix the price at 0 or 100 and close out positions) and that you can buy/sell any time during... so you're not locked into a position like the norm in gambling.

Take a long position on your team beating their rival... halftime, your team is up big (and the price is higher to reflect the improved odds), you can sell to lock in gain, or if doing poorly, sell to minimize losses.