10/02/2006

10-02-06 - 3

Okay, i'll summarize the online poker legislation and what's going down for anyone who cares.

The new bill was tacked on the "SAFE ports" bill by Bill Frist primarily. It will soon be signed and go into law. Basically what it does is makes it illegal to provide online gambling or transactions to online gambling. It does not make it illegal for an individual/consumer to partake of said online gambling. Offshore sites will continue to operate. It will be illegal for US banks or other funding instruments to provide transactions with them, so the hard part will be getting your money in & out of them, but of course there will be ways. Another problem is that major publicily traded gambling companies will be shutting off their US customers because of this. This is a bit of a funny thing, because they're foreign companies they aren't directly affected by this law, but they have to comply with it if they want their stock traded in US markets, and so on and complicated stuff I don't really understand. Anyway, it seems all the major publicly trading companies will soon be shutting off US customers. That includes PartyPoker/PartyGaming, PokerStars, 888 (BetonSports), etc. There are other major private companies which will continue to allow US customers, the biggest being Full Tilt, Ultimate Bet, etc. While the law will go into affect immediately, the bank transfer prohibition won't go into affect into the bank regulatory body draws up the detailed regulations, which will take a while.

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