Gambling bill signed today. Big deal.

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Author: [The Archives] Topic: Gambling bill signed today. Big deal.
craigtrees PM craigtrees
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Posted: 10/13/2006 5:53:49 PM
 they'll never catch me
gerberkk PM gerberkk
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Posted: 10/13/2006 6:02:20 PM
codog9992002 PM codog9992002
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Posted: 10/13/2006 6:03:54 PM
QUOTE Originally Posted by cd329:

great video about frist and goodlatte  2 friggin hyprocrites
These southern baptists are really evil fool
 
http://www.youtube.com/watch?v=6U8WjAmhgsU
 thanks for the video and reallt answered my questions  , damn them
StudentBodyRight PM StudentBodyRight
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Posted: 10/13/2006 6:16:34 PM
Thanks vanzack, this was the Cliff's notes version of this issue that I'm sure everyone on here can understand   GL this weekend!
Boalukeduke PM Boalukeduke
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Posted: 10/13/2006 6:25:40 PM
    Unreal .......        O   Canada    True North ......Strong  &  FREE      I  can  go to the local  7-11    and place a bet,,,,,,,     and  get cash   up  to  900.00     on the spot      !!!       If I  win ....        304.60     on a  10 buck  bet.........just today !!!      
tee*dub PM tee*dub
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Posted: 10/13/2006 6:51:31 PM
Got your picks for Sat Vanzak?  Love to compare
Tyjones34 PM Tyjones34
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Posted: 10/13/2006 6:59:36 PM
darn those 2 guys.....hope their vehicles overturn into a DEEP Creek while driving home to their Mansions in the Hills.
blimp PM blimp
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Posted: 10/13/2006 7:01:42 PM
EagleFan PM EagleFan
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Posted: 10/13/2006 7:05:29 PM
GoldiLocks PM GoldiLocks
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Posted: 10/13/2006 7:09:13 PM
Thanks for the info and peace of mind.
tee*dub PM tee*dub
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Posted: 10/13/2006 7:17:52 PM
I can't believe Paradise Poker caved to this. (no deposits from US players allowed now) Huge publicly traded london company allowing US to govern its policies.. Pussies
doublem9 PM doublem9
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Posted: 10/13/2006 7:24:02 PM
thank you vanzack
james1979 PM james1979
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Posted: 10/13/2006 7:29:07 PM
QUOTE Originally Posted by KOAJ:

from what i've read...there is way too much legwork for individual financial institutions to do to enforce this thing

you can always deposit via western union and withdraw via fedex bypassing the banks

good work vanzack
 
How does cashing out with fedex bypass the banks?  Do they send you cash or what?  If they send you a check your gonna have to cash it somewhere.
 
Never used fedex so I was just curious.
 
I use the prepaid visa since my banks have always blocked these transactions.
james1979 PM james1979
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Posted: 10/13/2006 7:31:42 PM
QUOTE Originally Posted by cd329:

Vanzack,
 Very well put, you are correct in everything you said and this has got to be a must read for everybody, especially for guys who havent been paying attention.
I love the hamburger quote about france.  Our country needs to stop thinking that we can make laws for the rest of the world, thats one of the biggest problems we have here, not minding are own business and making everybody hate us.
Our leaders should look back thru history, every empire that never thought could be defeated, got defeated.  We are no differnt.
 
They didnt make this law for the rest of the world, they made this law for U.S. financial institutions.
toothdoc PM toothdoc
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Posted: 10/13/2006 7:35:04 PM
any word on how this will affect cash outs from Party Poker?  i cashed out for a significant amount last night....i'm sure they will still honor my cashout, at least i hope they will
throwback420 PM throwback420
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Posted: 10/13/2006 7:35:34 PM
vanzack PM vanzack
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Posted: 10/13/2006 7:50:23 PM
Holy garbage I just wrote a friggin book and I hit submit and it was gone.
 
 
I was answering the EFT / Check questions.
 
 
raidertom34 PM raidertom34
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Posted: 10/13/2006 7:51:41 PM
Whi is Sportsbook bad?  What cite to you recommend?
moabtrail PM moabtrail
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Posted: 10/13/2006 7:57:12 PM
V - do you or anyone else on this thread know whether the Betonusa.com site is affected?  Not sure if it's run in the USA or offshore somewhere else.  I use it for all my plays and for online poker too...it's been a great site, so would hate to leave it...any info?  thx
 
GL2All! 
dmart420 PM dmart420
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Posted: 10/13/2006 8:00:48 PM
QUOTE Originally Posted by bocol9:

 
 
Van-
 
While sportsbook.com isin't one of the top books out there, I have never had a problem with them.  And, Rosie O' Donnell....well, she's got some workin' to do.


me neither. that's what i started with back in the day. i got $$$ from them on occasion and never had a problem.
vanzack PM vanzack
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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:
 
1.  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.
 
2.  Checks.
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.
 
3.  Workarounds.
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.
 
4.  Summary.
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.
 
vanzack PM vanzack
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Posted: 10/13/2006 8:35:20 PM
QUOTE Originally Posted by moabtrail:

V - do you or anyone else on this thread know whether the Betonusa.com site is affected?  Not sure if it's run in the USA or offshore somewhere else.  I use it for all my plays and for online poker too...it's been a great site, so would hate to leave it...any info?  thx
 
GL2All! 
 
Dude - I dont follow the hundreds of D rated books.  This is rated D-.
 
Why would anyone ever play at these books?   I have no idea,  but no matter how many times I and others say it people still do.
 
I will never understand it.
Rambo PM Rambo
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Posted: 10/13/2006 8:36:16 PM
Van, on the contrary how about if I deposit using Echeck? will that be a problem?
maxdreamer PM maxdreamer
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Posted: 10/13/2006 8:37:36 PM
hey vanzack...
 
sadly..i am one of those who have betwwts.com and still have money in the account...right now,  they froze my account and cant make any bets, deposits, withdraws...etc...what can i do?? i have about 900 in there...
cdl6449 PM cdl6449
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Posted: 10/13/2006 8:40:37 PM
I will be watching this system closely 

Good info
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