Posted: 10/13/2006 8:05:51 PM
Alright - I will try again...
Here is the cliff notes version on why the technology isnt there to enforce this law and what you can expect from checks and EFT's:
Electronic Funds Transfers are not coded. That means that there is no "business type code" that is associated to an EFT. In the wolrd of Visa and MC - they have a code 7295 for gambling. Visa is a worldwide company that governs anything that happens under the visa name, so for them to say "no more 7295's" is easy. EFT's have no codes. There are approximately 25 million EFT transactions a day for all kinds of reasons.
99.9% of these EFT's are never seen by human eyes. Your cable payment, car payment, mortgage, business payments all are EFT's - think of the enormity. There is absolutely no way for a bank to currently say "no more gambling EFT's" under the current system - and the banks have already stated they will go bankrupt if they had to monitor this.
Checks are not coded either. The only thing on a check is the routing number which tells which bank it came from and an account number. Sportsbooks and Neteller could easily get bank accounts in any country under any name and there is no way for your local bank to have any idea where it is coming from. A simple change on the account name from "Pinnacle Sports" to "PS" solves the check problem - if there even was a problem to begin with.
Also, lets say you own a lighting store in Atlanta. You sell lighting to Pinnacle for their offices in Curacao. Pinny sends you a check. Are you telling me your bank wont cash it? Now you cant do commerce with legal businesses in foreign countries? This is a strict violation of international trade treaties.
There are so many its ridiculous. Lets say that banks spend billions to code EFTs and they enforce it - and they invent super intelligent robot check screeners - then all pinny does is open a clothing company in Curacao. You send your money to the clothing company and you get your check from the clothing company.
Currently books like Bet Jamaica and Cris are offering debit cards that you can deposit on and withdraw that are on a foreign bank and directly tied to your sportsbook account. It is great for the player and unstoppable.
There will be hundreds of workarounds IF - and I stress IF because the chances are so slim that you will ever see them - the banks can enforce this.
There is nothing in the law having to do with you the bettor. The law almost says "try to get your money offshore - its up to the banks to stop you". The worst thing that can happen is you get a check refused and you have to call your book and ask them to send you one off of a different account. You are doing nothing wrong.
The banks are like a one armed firefighter with a water pistol trying to put out the great Chicago Fire. They have already screamed to the govt that they cant do this. The govt basically said in the bill that they know there is no way to do this but they gave a 270 day window to explore all options. If they cant come up with a way in 270 days they will not enforce it.
Like I said, BIG DEAL.