Gambling bill signed today. Big deal.

The formality of GWB signing the bill today has sent many in to a panic.  Its like they have never heard of any of this or that they havent prepared in any way.  The bottom line is that there is no reason to panic - there isnt even a reason to be concerned - there is a reason to be prepared and educated and you have had 2 weeks to do that so this should be of no surprise.

 

The gambling industry forum here has never been so busy.  The funny thing is that there is a core group of guys who have been instrumental here at getting the news out and nobody bothered to read or listen to these folks.

 

Here is your readers digest version - and I will only post it here this once - and I will not post in the ongoing panic threads that are now littering covers.

 

1.  The bill does not target the gambler in any way.  Nothing has changed legally for you the bettor.

2.  There is questions about the enforceability of the bill in the first place and it might just go by the wayside eventually.

3.  Neteller current stance is that they are in still in business for Americans and that this bill doesnt effect them.  Firepay has backed out of the US market.

4.  99% of sportsbooks and poker sites also say that this bill doesnt effect them.  The reason is simple - the USA cannot make laws for the rest of the world.  It is LEGAL in curacao, england, costa rica to be a bookmaker and there is nothing the US can do about it.  There is no world court or world laws.

5.  PartyPoker and WWTS are in the tiny minority of books who have decided to not take US customers because they are PUBLIC companies and will not put their stockholders or board in any risk.   Once again there is no risk if they are not American but speculation is that these companies have american members.

 

Pinnacle, Mansion, The Greek, Cris and every other top tier book is still around and will be around.  This has nothing to do with them.  Imagine if France passed a law that said selling hamburgers was illegal.  Then a French guy came to your burger shop and ordered a burger in Minnesota.  Are you criminally responsible to the French Govt?  Of course not.  So these books operate under the jurisdiction of their local governments and they are all citizens of countries that condone bookmaking.

 

That is it in a nutshell.  No panic.  Its business as usual with a few adjustments.

 

The formality of GWB signing the bill today has sent many in to a panic.  Its like they have never heard of any of this or that they havent prepared in any way.  The bottom line is that there is no reason to panic - there isnt even a reason to be concerned - there is a reason to be prepared and educated and you have had 2 weeks to do that so this should be of no surprise.

 

 

That is it in a nutshell.  No panic.  Its business as usual with a few adjustments.