New laws banning online gambling in the USA?

daz · 4 Oct 2006 at 00:49

Ouch... PartyPoker stocks have dropped 50% since it was announced a bill was to be passed effectively banning online gambling in the USA... Perhaps increased regulation would have been an answer - but outright banning which is what the bill has sought is pretty destructive to some now very large businesses.

I imagine they'll have legal teams searching for loop holes and the like though.

http://news.bbc.co.uk/1/hi/business/5397920.stm

Deadly Ferret · 4 Oct 2006 at 01:17

A ripe opportunity for contrarian investors perhaps...

Scania · 4 Oct 2006 at 05:55

What a crying shame for them................

Glaucus · 4 Oct 2006 at 06:38

Deadly Ferret said:
A ripe opportunity for contrarian investors perhaps...

My share account isn't set up yet

... There still doing a credit check..

Deadly Ferret · 4 Oct 2006 at 18:11

Is it TD Waterhouse? They're the only firm I know of that performs a credit check, because they give £10k grace as standard. The others I'm signed upto just operate like the equivalent of a debit card and so they don't bother with credit checks.

Energize · 4 Oct 2006 at 20:12

Surely that would be bad for the usa as it would destroy most of these businesses?

NathanE · 4 Oct 2006 at 20:35

Why not ban guns instead?

Badboy2k3 · 4 Oct 2006 at 20:43

NathanE said:
Why not ban guns instead?

LOL god knows!

Jumpingmedic · 4 Oct 2006 at 20:58

I think it's a good move... Few people get rich off gambling, odds are always in favour of the house.. whether it's online or offline. Far more people lose their shirts on it... of course thats not publised as much as the people who win.

If people really wanna gamble there's nothing stopping them going to Vegas.. or the soon to be English super-casinos. But as far as I'm concerned the gambling industry is nothing but a cynical approach to profit. I have no problem with it being banned.

Posty · 4 Oct 2006 at 21:11

NathanE said:
Why not ban guns instead?

because its not possible, guns will never be banned in the US and i dont see why they need to anyway

Goatboy · 4 Oct 2006 at 21:12

Jumpingmedic said:
nothing but a cynical approach to profit.

So is your local supermarket. Nothing wrong with a bit of gambling - can be very enjoyable, like anything else needs a little self control.

Vanilla · 4 Oct 2006 at 21:14

NathanE said:
Why not ban guns instead?

I thought you would know by now that guns don't kill people.

RAPPERS DO.

Phalanx · 4 Oct 2006 at 21:18

Posty said:
because its not possible, guns will never be banned in the US and i dont see why they need to anyway

guns are what are used to kill things

Energize · 4 Oct 2006 at 21:27

Posty said:
because its not possible, guns will never be banned in the US and i dont see why they need to anyway

Apart from the high school massacres....

Posty · 4 Oct 2006 at 21:32

Energize said:
Apart from the high school massacres....

criminals and madmen can get guns anyway if they were legal or not, atleast making it legal allows civilians to be able to protect themselves

Glaucus · 4 Oct 2006 at 21:33

Phalanx said:
guns are what are used to kill things

But as in the UK, the people who want to kill, can and will buy there guns illegally. The gun banning in the UK really worked, didn't it :rolleyes:

Posty said:
criminals and madmen can get guns anyway if they were legal or not, atleast making it legal allows civilians to be able to protect themselves

And use them for sport/fun..

Phalanx · 4 Oct 2006 at 21:57

AcidHell2 said:
But as in the UK, the people who want to kill, can and will buy there guns illegally.

There are crazy people everywhere, i bet you there would be far more gun crimes if guns were legal.

Glaucus · 4 Oct 2006 at 22:07

Phalanx said:
There are crazy people everywhere, i bet you there would be far more gun crimes if guns were legal.

Like they where a few years back, since the ban gun crime has risen...

daz · 4 Oct 2006 at 22:15

Trying to get the thread back on track here...

Jumpingmedic said:
I think it's a good move... Few people get rich off gambling, odds are always in favour of the house.. whether it's online or offline. Far more people lose their shirts on it... of course thats not publised as much as the people who win.

If people really wanna gamble there's nothing stopping them going to Vegas.. or the soon to be English super-casinos. But as far as I'm concerned the gambling industry is nothing but a cynical approach to profit. I have no problem with it being banned.

Thousands (millions even) enjoy playing poker and the like online... just because it costs them money (and somebody is making a profit), should they be denied the right to play? Whatever happened to self control?

What would be better would be increased regulation and perhaps increased taxes, rather than forcing these gambling sites to operate from obscure Native American Indian reserves and forcing credit and debit card handling companies to not deal with them.

Glaucus · 4 Oct 2006 at 22:18

daz said:
Trying to get the thread back on track here...

Thousands (millions even) enjoy playing poker and the like online... just because it costs them money (and somebody is making a profit), should they be denied the right to play?

Off course not, There should however be regulations on gambling sites and banks to insure people aren't addicted. I mean if some one is emptying $1000 a week onto a gambling website, it should be investigated by the bank or site, or both. I would say the bank as they are the ones who deal with fraud and overdrafts/loans.

New laws banning online gambling in the USA?

Man of Honour