Posted:
#226
Quote Originally Posted by slc5610:
5363-
in lamens terms:
no person engaged in the business of betting or wagering may knowingly accept in connection the participation of another person in unlawful Internet gambling:
1. credit, or the proceeds of credit INCLUDING CREDIT EXTENDED THROUGH CREDIT CARDS
2. an electronic funds transfer through a money trasnmitting business or the proceeds of an electronic funds transfer (I"m guessing banks and neteller type)
3. any check, draft or similar instrument and is drawn or payable through ANY financial institution
4. the proceeds of any other form of financial transaction the secretary and board of governors of the federal reserve system may jointly prescribe ( a catch all for anything new that sprouts up)
ANY PERSON WHO VIOLATES THIS SHALL BE FINED UNDER TITLE 18, IMPRISONED FOR NOT MORE THAN 5 YEARS OR BOTH
my take is that it really is going after the books and going to make it near impossible to fund any of them. they are NOT going to go after the average joe for gambling, BUT there probably won't be many places to gamble. good news for sin city and your local books.
again, there is still 270 days before enactment and hopefully something can be worked out in that time.
in lamens terms:
no person engaged in the business of betting or wagering may knowingly accept in connection the participation of another person in unlawful Internet gambling:
1. credit, or the proceeds of credit INCLUDING CREDIT EXTENDED THROUGH CREDIT CARDS
2. an electronic funds transfer through a money trasnmitting business or the proceeds of an electronic funds transfer (I"m guessing banks and neteller type)
3. any check, draft or similar instrument and is drawn or payable through ANY financial institution
4. the proceeds of any other form of financial transaction the secretary and board of governors of the federal reserve system may jointly prescribe ( a catch all for anything new that sprouts up)
ANY PERSON WHO VIOLATES THIS SHALL BE FINED UNDER TITLE 18, IMPRISONED FOR NOT MORE THAN 5 YEARS OR BOTH
my take is that it really is going after the books and going to make it near impossible to fund any of them. they are NOT going to go after the average joe for gambling, BUT there probably won't be many places to gamble. good news for sin city and your local books.
again, there is still 270 days before enactment and hopefully something can be worked out in that time.
The key here is that anybody who IS IN THE BUSINESS OF WAGERING - THE BOOK - cannot take this.
its no different than what is on the books today. It is illegal to be a bookie. It is not illegal to place a bet.
The US cannot say that a business in England or Curacao is illegal. And this bill does not address you the gambler - only those who facilitate financial transactions.
ITS POLITICAL.
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