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Why not wait and see what the US Treasury and the Federal Reserve Board implement first. Once they do financial institutions have up to 9 months to incorporate the new provisions.
I agree.
Lets all continue doing business for as long as we can. I intend to advertise aggressively and make the most out of the time we DO have.
Casinos please stay the course! As long as even a trickle of funds can get through we owe it to our players and partners to do our best.
No use making it easy on the bastards let’s go out with a fight.
I agree.
And bear this in mind too: any gambling related company that is PLC or ruled by a PLC has no choice in this matter. They HAVE to pull out simply because they are answerable to investors who, without detailed knowledge of the sector, will pull their risk at the first hint of trouble thus rendering the PLC worthless. And when you are worthless you are dead. The PLC casinos are equally as likely to go out of business if they DO continue to accept US players. It’s not an option in the short-term, they HAVE to do it. That’s why you will probably see all the “PLC’s” issue the same statement if they haven’t already.
BUT when things are clearer, you can bet your last dollar that they will all have left their options open to come back,but in the meantime having minimised risk to their shareprice which is what these press releases are all about. It’s how business works. So don’t let all these “announcements” scare you into thinking it’s all over. As Slotplayer and Dom have said, relax and just wait and see how it pans out!
Cheers
Simmo!
speaking of investing, after the dust settles this week might worth watching some of the gaming stocks that took a big hit. If they ever accept US players again there will be a big spike.
I agree with the “wait and see” approach. I posted this in another thread, but it is relevant here too:
The language in the new law seems to place the burden on U.S. banks U.S. and credit card companies.The new law does not say anything about ISP filtering. It is not going to become illegal to simply visit an online gambling site. It is not illegal to sign up for a free account, either. It is not illegal to own a .com that provides information about gambling, or how to play poker, etc.
The new law, as I said before, appears to make it illegal for U.S. banks and U.S. credit card companies to allow deposits to be made to online gambling establishments. The Wire Act was NOT updated. Repeat: The Wire Act was NOT updated. I think it’s important to remember that.
At this point, the burden should fall on the banks and credit card companies. 888, Party, and PartnerLogic (in my opinion) should not be doing the banks’ jobs for them, 270 days before the banks “need” to start taking any action. The best thing to do, I think, is to LET THE BANKS deal with this. Scrutinizing every single transaction might very well be an impossible task for the banks and credit card companies.
I strongly urge all online casino/poker/sports companies to take a “wait and see” approach. The law will not need to be enforced immediately. Once the bill is signed, the regulators have 270 days to come up with a way to deal with this. And like I said, it might not even be possible for them to take on something of this magnitude.
Wait and see, please. :huh:
Interesting comments, Simmo. Does anyone have a list of the PLC companies that they could post here?And like I said, it might not even be possible for them to take on something of this magnitude.
A while back (I think it was CNN) did a segment on this very issue and the Banking Association said this would be pretty difficult and expensive to implement.
slotplayer wrote:A while back (I think it was CNN) did a segment on this very issue and the Banking Association said this would be pretty difficult and expensive to implement.And thats why the banking industry and their lobbyist put up a fight to have certain aspects pulled out of the unlawful internet gambling enforcement portion of the safe port act. The banking industry now states they are very happy with the language as it was passed.
http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20061002&ID=6069369
The legislation is designed to prohibit U.S. banks and credit card companies from processing payments for illegal online gambling. Financial services companies and the U.S. Chamber of Commerce had expressed concerns about the compliance burdens that would be imposed, such as tracking and blocking potentially millions of transactions.
Under the legislation as passed, “If you are acting as a normal bank, and you’re not in some sort of conspiracy with a betting house, then you are not going to be held liable,” Verdier said.
In addition, the legislation will be guided and enforced by regulations written by the Federal Reserve and the U.S. Treasury Department.
“If they find that the banks just don’t have the technology to track and block these transactions, then we don’t have to,” Verdier said. “The Fed and Treasury are not supposed to ask us to do the impossible.”
Still, Verdier said, “we will have to see how those regulations get written.”
Engineer wrote:Interesting comments, Simmo. Does anyone have a list of the PLC companies that they could post here?Well we’ve seen most of them I guess. Fairground Gaming (Wagershare) and 32Red are both PLC but no word from either yet. Also 21.com use 888 software so maybe they will be affected? Speculation that’s all.
