Headlines: Poker, Law, and Politics (10/03/06)

articles:
Did Congress Kill Online Poker? (The Motley Fool, 10/03/06)

Royally flushed: Congress moves to severely limit online gambling, fund transfers (San Francisco Chronicle, 10/03/06)

New legislation may pull the plug on online gambling (USA Today, 10/03/06)

Congress deals poker fans a hand they can’t bet question (Las Vegas Sun, 10/03/06)

Web gaming battle looms (Denver Post, 10/03/06)

Payment Processor Neteller shares plunge 60.56% on Gambling’s Black Monday (TOW News, 10/02/06)

Nolan Dalla on the Internet Gambling Prohibition Act (BARGE, 10/02/06)

excerpts:

Did Congress Kill Online Poker? (The Motley Fool, 10/03/06)
“Late last Friday, Congress passed a law aimed at shutting down online gambling in general — including online poker — in the United States. Jeff Hwang makes the case that poker isn’t a form of gambling any more than buying stock is, and it should be exempt from the new law, as horse racing and state-run lotteries are…”


Royally flushed: Congress moves to severely limit online gambling, fund transfers (San Francisco Chronicle, 10/03/06)
“Millions of online poker players wondered Monday how they will get their fixes satisfied after Congress passed a bill late last week to restrict online gambling in this country.The gambling provision, part of the Safe Port Act, prohibits banks and financial institutions from transmitting funds from U.S. residents to gambling Web sites, which are located offshore and are already considered illegal by the U.S. government. President Bush is expected to sign the bill in the coming days…”

New legislation may pull the plug on online gambling (USA Today, 10/03/06)
“The $12 billion online gambling industry could turn into a house of cards now that the Congress has passed a law banning the use of credit cards, checks and electronic fund transfers for Internet gaming, industry experts warn. President Bush is expected to sign the Unlawful Internet Gambling Enforcement Act, which makes it illegal for banks, credit card companies and online payment systems to process payment to online gambling companies…”

Congress deals poker fans a hand they can’t bet question (Las Vegas Sun, 10/03/06)
“But with Republican lawmakers nervous about the Nov. 7 elections and eager to find issues that will please conservative religious groups, Senate Majority Leader Bill Frist and other Republican leaders saw an opportunity to adopt the ban. They attached it to an unrelated port security bill, which was approved by Congress on Saturday…Once a small, tight-knit group of hard-core sports bettors, Internet gamblers, attracted by celebrity players and incessant television coverage of poker tournaments, have grown into a largely mainstream group of amateur bettors. But in the eyes of the U.S, they have joined the ranks of people who transport illegal drugs or sell unregistered firearms…”

Web gaming battle looms (Denver Post, 10/03/06)
“Further, while the new legislation would require banks and credit-card companies to monitor credit- and debit-card transactions, it wouldn’t require banks to track check payments. “There are 40 billion checks processed every year,” said Laura Fisher, a spokeswoman for the American Bankers Association. “To track those payments, it would mean (having a) staff manually checking each check. That would be very difficult, if not impossible…”

Payment Processor Neteller shares plunge 60.56% on Gambling’s Black Monday (TOW News, 10/02/06)
“The Company, in conjunction with its advisers, is considering the potential impact of the Act at this time. The Board believes that the Act may have a material adverse effect on NETELLER’s US facing business. Once the Company has more information about what the regulations will stipulate, it will have a clearer view of which companies are affected, how those companies will be expected to comply, and any possible resulting impact on the Company.” Neteller added in its note to investors and shareholders…”

Nolan Dalla on the Internet Gambling Prohibition Act (BARGE, 10/02/06)
“Finally, there were some here and elsewhere who said not to worry, that the law would never pass, and so forth. Now, we see what happens when we remain complacent and passive. Aside from this being an outrageous violation of personal freedoms and privacy in this country, I view this issue as largely symbolic of the decline of civil liberties in recent years, and an eerie warning of what is to come…”

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