HR 4976 / UIGEA posts from other forums

So what should we be doing? This would go down when I am devoting  more time than ever to online pokers lols :(

Discuss? lols at the 50% fines wow I know some peeps that could be wiped out geebs




There are a few different penalties for partaking in "unauthorized bets or wagers." These are all quotes from HR 4976:

Unauthorized Bets or Wagers- There is hereby imposed a fee in an amount equal to 50 percent of all funds deposited into an account that can be used for placing a bet or wager within the meaning of Section 5362(1) of title 31, United States Code, with any person that is not authorized pursuant to section 5382 of that title. Such tax is due by the end of each calendar month with respect to deposits during the preceding month.

UNAUTHORIZED WAGERS- There shall be imposed on any wager not described in paragraph (1) an excise tax equal to 2 percent of the amount of such wager.'.

- Dan

The PPA wasn’t all rosy following the proceedings, however, and the language of HR 4976 is far from finalized. Accordingly, the one-million member strong lobbying organization is seeking to remove a potential fine online poker players may face: “The PPA is working to remove language from the bill that would fine players who play on unlicensed sites, as we firmly believe the unlicensed sites should bear the full consequences of not obtaining a license in the U.S.”

Assuming there is no extension and the UIGEA takes effect and banks decide not to accept offshore bank transfers. I read on the 2+2 board that some guy wants to set up a Canadian bank account.

It got me thinking only the transfer from a gambling site to a bank might be illegal. Thus, if you have a foreign bank account, and the gambling site transfers money to it (which is legal). You should be able to legally use atms from these banks in the United States.

loonies mmmmm

hate to say it but it appears states/countries are going to chop up the online poker market. won't matter where you go.

Indian casinos need to jump on this imo. keep open markets at least in the US.


Edited by J_Blu3Jack3t - 02 Jun 2010 at 6:18pm

http://www.msnbc.msn.com/id/37450217/ns/business-forbescom/

Edited by John - 02 Jun 2010 at 10:08pm