British on-line gambling shares plummet

[NVMojo]

Thank Bush and his buddy, Bill Frist, for this one!!

LONDON — Shares in British online gambling companies, including Sportingbet PLC and PartyGaming PLC, dived Monday after the U.S. Congress passed legislation prohibiting the use of credit cards, checks and electronic fund transfers for online gaming.

PartyGaming, the world's biggest online gambling company, said it would pull out of the United States if President Bush signs the legislation into law.

more...

http://www.theglobeandmail.com/servlet/story/RTGAM.20061002.gtintergamble1002/BNStory/Technology/?cid=al_gam_nletter_dtechal

more about this story over here:

Congress Passes Curbs on U.S. Payments to Online Gaming Sites

story here:

http://www.bloomberg.com/apps/news?pid=20601085&sid=akHqMtqYNtcI&refer=europe

[BeyondGeography]

1. Tacked onto a half-assed port security bill

Here's Harry Reid's comment on the deal:

"This conference took a lot longer then it needed to take and the events leading up to the filing of this report represents an abuse of the process. The Senate passed this bill three weeks ago, but the House waited until yesterday to appoint conferees. The conferees held one perfunctory public meeting last night where no bill language was provided, no amendments allowed and no votes taken in public. In fact, there seemed to be more interest by the majority conferees in determining what additional unrelated bills could be jammed into this conference overnight and not on improving our homeland security."

http://releases.usnewswire.com/GetRelease.asp?id=73532

[twilasue]

3. I sat and read through Friday's session

As best I could, lol, dang! Even the Senator from Alaska was complaining about the ammendments tacked onto it! He said, if I remember correctly (it's very small print, I was almost blind by night's end), to the effect that the actual Port bill was around 90 +/- pages, the ammendments more like 500!

[newyawker99]

27. HI twilasue!!

Welcome to DU!! :toast:

[twilasue]

2. The ones who hurt financially by this crap of legislation......

I know of more than a dozen online casinos that have already shut the doors to all members or prospective members from the USA.

The real shame of this is that the true financial and economic impact has not been taken fully into account. I am sure that not once were the numerous people who have, until now, made their livings (some of them very good livings)as affiliates, affiliate managers, forum owners, casino watchdog site owners, and many more auxiliary operations that went into promoting and directing those American players to the online casinos' doors than I can even begin to guess about.

Not to mention the impossible to calculate, because they have no idea how they are going to even begin to comply with this law, costs of trying to enforce this unenforceable legislation, that will be - of course - passed on down to the American public by the Financial institutions.

Oh, thank you, once again, oh sage ones high on Capitol Hill from my own nefarious and completely imbecile self!

God help us all because our elected officials do not give a damn.

[NVMojo]

4. sadly, it's all about them

[pitohui]

10. everyone who voted GOP last election voted for this

frist attached this to the bill personally

he would not be senate majority leader if dumb-asses had not voted for GOP senators

any libertarian/GOP poker players who just lost their livelihood are not getting any sympathy from me

they contributed to this mess

anyone who cares about online gaming ought to be getting the word out about who did this, this sneaky slimey bill was tacked on by cat-cutter frist and no one should ever be allowed to forget it

[pitohui]

8. many more of us make part time income by playing

i am bonus-whoring one of the sites right now in hopes of clearing my last bonus before the bill is signed, supposedly on wednesday or thursday

hundreds of dollars a month in income taken away from me for no reason

it's thousands of dollars a month in income for other people i know

[Eugene]

5. Congress is vigilantly protecting our morals from online vice.

If only they could protect us from predatory congresscritters...

Online gambling is out. What's next, online pr0n?

[chat_noir]

6. Eugene, this may be the first and only time that FReepers agree

http://www.freerepublic.com/focus/f-news/1712209/posts

[lfairban]

13. I'm not sure why, but I totally lost it when I read this:

To: Lexington Green
I hope the Dems DO win.

Divided government and the resulting gridlock seems to be the best we can hope for.
22 posted on 10/02/2006 10:55:24 AM PDT by ThinkDifferent

[KoKo]

7. How many more does internet gambling hurt than it helps in employment?

What are the opportunities for massive crime?

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[KoKo]

21. HA! very naive........."heavily regulated industry." Buddy sell me a

Bridge! :rofl: "heavily regulated industry."

[pitohui]

31. i'm sorry you are a losing player

nonetheless, if you think gambling is not a heavily regulated industry, you must not have any experience or knowledge of same

[Name removed]

22. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Name removed]

29. Deleted message

Message removed by moderator. Click here to review the message board rules.

[BeyondGeography]

17. Keeping sports betting illegal is what leads to massive crime

It could be regulated and taxed online, but sports betting is only legal in Las Vegas, so guess who fills the void in the rest of the country?

[Mister K]

11. I guess I will have to find something else to do with my spare time

I play on a daily basis. Guess it will be more frequent trips to Atlantic City or Las Vegas.

[wakfs]

12. Time to update my resume...

I actually work for a software company that makes the game software for some online gambling networks. This new law promises to cut our revenue in half (US market accounts for half our revenue), meaning by next year I will likely be working someplace else. All this just to take care of the big casinos and Indian tribes who give generously to their hired hands in Washington.

Thank you again, GOP!!

[pitohui]

14. vegas didn't want this

the "big" casinos would like to get into online gaming themselves, indeed, vegas has seen an explosive growth in participants in the world series of poker and associated events thanks to online gaming and the whole "moneymaker" phenomenom where nerdy types who would have previously played a worthless (economically) game like chess have turned online to learn poker, win WSOP seats, and visit vegas for the real experience -- casinos were closing poker rooms right and left in the late 90s, thanks to online gaming and teevee tournaments, the rooms are re-opening and enjoying a revival

similar to how the spread of casino gaming in other markets such as mississippi actually helped vegas explode, because people who visit their local casinos, have a good time, find out it's harmless entertainment and decide to go to vegas who would have never dreamed of visiting "sin city" 20 years ago

i agree that abramoff/native american casinos have lobbied against online gaming and those links, many of which involved criminal wrong-doing by abramoff and the GOP, need to be aggressively studied and prosecuted

i am really sorry if you lose your job, that stinks, i'm bitter enough that i'm losing a part-time income from playing online

i can only imagine how people feel who are losing jobs and careers for no damn good reason except to line frist's pockets from religious bigots who just hate it that people gambling online won't play stupid church bingo games

[denverbill]

18. I disagree. Brick and mortars bought this legislation.

They have their government regulated monopoly and they want to protect it. Any schmo can set up a poker site and run it for next to nothing. Vegas thinks it's cutting into their profits if people can plunk down in front of their pc instead of flying to Vegas.

My wife and I play online regularly at Party once or twice a week. We don't play for much money. I'm sure neither of us has ever lost more than $100 in a day or won more than $200. We usually play in $5-20 tournaments or $.10-.25 no limit cash games. Vegas doesn't operate a whole lot of $5 tournaments or $.10 cash games, not that I can afford to fly us both to Vegas for $500, spend $500 on a hotel, and then play in a $5 game anyway. I suppose I could drive an hour to Blackhawk and play at a $5 limit table, but that means I'm gambling a lot more than I really prefer, it takes an extra hour to get there, and since I like to drink while I'm playing, either risk driving drunk or spending $150 for a motel room. With online, I can play the limits I want, I can find a game 24 hours a day, 7 days a week, and I can find a tournament, play it, drink as much as I want to, and be asleep in my own bed in under an hour.

Religious nuts have nothing to do with this. It's Jack Abramoff's clients (Indian casinos) and other brick and mortars that don't want the competition.

[pitohui]

19. harrahs' and mgm opposed this legislation -- you are behind the times

your analysis is simply incorrect, both lobbied aga. this legislation and in favor of an avenue allowing them to set up their own harrahs and mgm branded poker sites

2 years ago, maybe even 18 months ago, your statement could be considered true

i don't think you get any bigger than harrah's and mgm resorts, sorry

[denverbill]

20. If the brick and mortars opposed it, it wouldn't have passed.

I agree they want to set up their own sites, but can't do it legally under present law.

They may officially 'oppose' this law, but only because they want a version passed that
allows them to legally operate online in all 50 states but that regulates (aka restricts) competition from other websites, American and foreign. They will demand licensing, so that only a handful of favored corporations will be given licenses.

But first they needed a way to control unlicensed competition, and they are doing that by banning all gambling first. Once it's controlled, I'm betting it will be legalized, regulated, and operating within days of the law change.

[JackDragna]

23. Ridiculous.

The boom in online gaming has resulted in the boom in brick and mortar poker rooms. Before the online boom, the casinos were shutting down the poker rooms. Now, casinos compete for the best rooms with the best atmosphere. The World Series of Poker exists as such a huge event because online rooms donate millions for booths and other advertising. The brick and mortars will die without the online market fueling them and bringing new players to the game.

[pitohui]

30. jackdragna, thanks, you are correct

The boom in online gaming has resulted in the boom in brick and mortar poker rooms. Before the online boom, the casinos were shutting down the poker rooms. Now, casinos compete for the best rooms with the best atmosphere. The World Series of Poker exists as such a huge event because online rooms donate millions for booths and other advertising. The brick and mortars will die without the online market fueling them and bringing new players to the game.


i have never understood why people who don't know what they're talking about insist on posting anyway

but i appreciate your concise summary of recent history, which is based on facts rather than wild-eyed speculation

harrah's has nothing to gain and everything to lose from such a ban, without online poker rooms sponsoring sites, what's going to happen to the WSOP next year?

[lfairban]

15. Great discussion Here:

http://forumserver.twoplustwo.com/postlist.php?Cat=0&Board=law&page=0

Bottom line, check out:

http://www.worldpokerexchange.com/default.asp

Statement from WSEX:

We have absolutely no plans whatsoever of dropping any players. In short, it will be business as usual. WSEX.com and all its sister companies are legal and licensed businesses regulated by the Gaming Commission of Antigua and Barbuda. We are wholly located in Antigua and do no business or run any part of our operation on US soil.

The World Trade Organization (WTO) has recognized the right of Antiguan companies to be in this business and has instructed the United States to stop trying to block US residents from playing at Antiguan operations.

http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=7501932&page=2&fpart=all&vc=1

Does rake free poker (I kid you not) interest you?

[rigel434]

16. Dumbest political move I've seen in years

This Republican bill should have been wrapped in a big red bow and put on Harry Reid's doorstep. It will ensure Democratic control of both the House and Senate- mark my words. There are a LOT of Republican-leaning people who will be outraged by this. This is the kind of bill you pass right AFTER an election, not just before an election in which you are scrounging for every vote you can get.

I feel like I'm watching the political equivalent of a guy setting himself on fire. Oh well, anybody got any marshmallows?

[CabalPowered]

25. You betcha.

Some of my repub friends had crazy eye yesterday when I told them what Congress has done.

[allisonthegreat]

26. i think Congress has once again

gone into waters that should not have been left for them to govern.

[phusion]

24. Money orders would still work, no?

these bastards...

[fedsron2us]

28. PartyGaming is FTSE 100 Company

so most of the big British Pension funds would have had it in their portfolio. This means that their members took a beating when the price slumped yesterday. Just another example of the shit way the US politicians treat their allies in the 'war on terror'. It would be interesting to hear Poodle Boy Blair's reaction to legitimate British gambling businesses getting the shaft in this manner. If he had any balls he would retaliate by refusing to grant a license to any of the US corporations bidding for right to run the new super casinos that are supposed to be opening in the UK in the next few years. Sadly, he agreed to become Chief Eunuch to the Sultan in Washington some years ago so I doubt whether we will be getting even the faintest squeak of protest from him.