Harry Reid Trying To Get Federal Poker Bill Passed

[Balloon guy 158]

Harrah's wanted to stop poker as well because they thought they were losing money to it, but you're right that they are following the money. Legalizing poker is also a case of poker players following the money as well. Remember most people that are in the PPA lobbying in DC are players who make alot of money playing poker, and by opening up the floodgates to more fish(though it won't be near as good as the party era) is a pretty big financial incentive for them, and I don't fear that they lack motivation in order for the PPA to stay afloat. It's pretty obvious how much tougher the games have become with most recreational players not bothering with the hassles of depositing after the UIGEA was implemented. They will be around for a ton of inevitable battles at the state level to get the governers to opt in and to promote poker in states that are still ignorant to the fact poker is a skill game, and not gambling in the traditional sense.(See: Washington State, or players being sued in Illinois) The PPA will have plenty of incentive to stay afloat, I'll give you that it wont be as prominent as it is now though. Having the IRS with full access to tax records SHOULDN'T change much, everyone should be paying their taxes anyway. Again, I see rake going down which might offset some extra costs(such as people paying more tax on winnings)

I have wondered why we don't hear more about tax problems with poker players, but as far as rake???? How can it go down?No matter what happens, once it is 'legal' and taxed, they will be required to pay the 35% corporation tax ( 2nd highest in the world ) for revenue generated in the US.Right now they get to play the "cyberspace knows no legal jurisdiction' game.

[tbrick412 0]

I have wondered why we don't hear more about tax problems with poker players, but as far as rake???? How can it go down?No matter what happens, once it is 'legal' and taxed, they will be required to pay the 35% corporation tax ( 2nd highest in the world ) for revenue generated in the US.Right now they get to play the "cyberspace knows no legal jurisdiction' game.

Though no one knows for sure its a somewhat general consensus that poker sites costs of processing payments in and out of the US exceed the 35% they would be paying with little to no processing problems in an open us market. Also the amount of competition will only help the lower rake cause. I could be wrong, but I at least give it a 0% chance of the rake ever increasing, so thats something.

[FCP Bob 1,312]

Though no one knows for sure its a somewhat general consensus that poker sites costs of processing payments in and out of the US exceed the 35% they would be paying with little to no processing problems in an open us market. Also the amount of competition will only help the lower rake cause. I could be wrong, but I at least give it a 0% chance of the rake ever increasing, so thats something.

The gross rake numbers won't be coming down. You'll see competition in things like VIP programs etc but I don't see anybody moving away from the tradional rake model since it really won't get them any more business where spending money on marketing and promotions does.

[tbrick412 0]

The gross rake numbers won't be coming down. You'll see competition in things like VIP programs etc but I don't see anybody moving away from the tradional rake model since it really won't get them any more business where spending money on marketing and promotions does.

Isn't making FPP's more valuable than they are currently kind of an indirect way of reducing rake though?

[FCP Bob 1,312]

Isn't making FPP's more valuable than they are currently kind of an indirect way of reducing rake though?

For sure the value back from VIP progams should be looked at as reducing the cost for players to play. I just don't think you're going to see them be that generous especially at first.I think you're underestimating the increased costs that sites will face against their current business model.It's going to be expensive to build up the infrastructure within the US even for sites that have existing online gaming and both the standard US corporate tax rate and the poker exise tax off the top to the Feds and States will add up.

[tbrick412 0]

http://espn.go.com/sports/fantasy/blog/_/n...nge-industry?uathis espn article sums things up... I have a good feeling it will pass as well. The 15 month thing is gonna be rough

[HighwayStar 8]

Any idea if Stars/FTP still primarily operate in USD over this period?

[BaseJester 1]

So, should I cash out?

[fighter 4]

So, should I cash out?

Once the bill is enacted, current sites that offer play to players from the United States will have 30 days to cease those operations if they wish to receive a license. Sites will then inform players about how to withdraw their money. If they do not withdraw within two years, the money will then be sent into an escrow account "for safekeeping and orderly disposition as the Secretary may direct."

Unless you play on a site like UB where there might be an issue with them actually having the money to pay you , Waiting should be fine.

[Lrgetrout 1]

Any idea if Stars/FTP still primarily operate in USD over this period?

It depends on their analysis on whether waiting over 3 years is a good business decision. (Note that in addition to the 15 month blackout, offshore companies can only come in the two years following that with approval of the government, and I rate the chances of that happening as less than the chances I will be elected President in 2012.)So I don't see them kicking us out; you may even see them reenter Washington state and other places they may have pulled out of if this is the final legislation, as they then have no reason to play by the US government's rules.

[tbrick412 0]

It depends on their analysis on whether waiting over 3 years is a good business decision. (Note that in addition to the 15 month blackout, offshore companies can only come in the two years following that with approval of the government, and I rate the chances of that happening as less than the chances I will be elected President in 2012.)So I don't see them kicking us out; you may even see them reenter Washington state and other places they may have pulled out of if this is the final legislation, as they then have no reason to play by the US government's rules.

They took this out and everyone expects Stars and Tilt to pull out

[nutzbuster 7]

Washington getting hold of online poker is like a cat finally catching a big fat mouse...

[JebronLames 0]

**** me

[FCP Bob 1,312]

They took this out and everyone expects Stars and Tilt to pull out

I think Stars will comply with all regulations once things are explicit that if you don't have a license you are breaking the law by offering poker and then they will try for a license.I would look to the American facing Sportsbooks to keep offering poker during any 15 month waiting period since they can't get a license and are currently offering sports betting which no doubt is breaking the current Wire Act. I would also expect frequent payment processing delays to get worse for them.The interesting thing to me will be what will Cereus and Cake do.

[nutzbuster 7]

It's mind blowing/ironic how everybody finally getting what they wanted is ending up causing so much pain/stress.entering uncharted waters here folks, with Washington at the helm. Hope nobody drowns.

[wildspoke 2]

Oh how soon we forget. This is exactly how the first bill went down. At the last moment it was attached to another bill. Like the first bill, it has nothing to do with ‘protecting children’ or anything else except pure greed. If anyone thinks this is good for ‘poker players’ I have a bridge to sell you. (you can pick the location) I have always maintained that if the government gets involved, we’re all going to pay ¬– through the nose.If you think Pokerstars and Full Tilt are going to get a seat at the table, you’re nuts. Start figuring out which casino stock to buy. You’ve got 15 months to acquire a decent position. Harrah’s/Caesar’s took back their IPO so I think wynn might be a good bet. Consider MGM or LAS VEGAS SANDS.

[rcgs59 15]

got this from my poker groups on facebookWe need your help! Please call your 2 Senators today and ask them to support the online poker bill. Call the Capitol Switchboard and they can patch you thru. Make sure to call both your Senators - (202) 224- 3121.

[tbrick412 0]

Oh how soon we forget. This is exactly how the first bill went down. At the last moment it was attached to another bill. Like the first bill, it has nothing to do with ‘protecting children’ or anything else except pure greed. If anyone thinks this is good for ‘poker players’ I have a bridge to sell you. (you can pick the location) I have always maintained that if the government gets involved, we’re all going to pay ¬– through the nose.If you think Pokerstars and Full Tilt are going to get a seat at the table, you’re nuts. Start figuring out which casino stock to buy. You’ve got 15 months to acquire a decent position. Harrah’s/Caesar’s took back their IPO so I think wynn might be a good bet. Consider MGM or LAS VEGAS SANDS.

So I assume you think we should do nothing, let the government get closer and closer to blocking every financial transaction, and watch the games get tougher every day? Sounds a lot better brah!

[Balloon guy 158]

So I assume you think we should do nothing, let the government get closer and closer to blocking every financial transaction, and watch the games get tougher every day? Sounds a lot better brah!

I don't think nothing could happen.With this kind of money involved, someone somewhere will do something.The question is what is best.And the answer of course is to vote me ruler of the world for a single year.I will fix everything and my last official act will be to make myself ruler forever.

[dapokerbum 0]

I don't think nothing could happen.With this kind of money involved, someone somewhere will do something.The question is what is best.And the answer of course is to vote me ruler of the world for a single year.I will fix everything and my last official act will be to make myself ruler forever.

Who is Adolf Hitler?

[JebronLames 0]

got this from my poker groups on facebookWe need your help! Please call your 2 Senators today and ask them to kill the online poker bill. Call the Capitol Switchboard and they can patch you thru. Make sure to call both your Senators - (202) 224- 3121.

fixedthis legislation is absolute shit for people who actually play poker in any sort of medium to high capacity, kill this ****ing thing off. bad legislation is not > no legislation. we don't need to hurry up and put it through, we need to get the right bill passed. this one is NOT it.

[JebronLames 0]

also, pretty sure they saw someone named ryan MOTM and said "well, poker is obviously dead if that kid's getting MOTM, so a 15 month blackout wont hurt anyone"

[rcgs59 15]

I don't think nothing could happen.With this kind of money involved, someone somewhere will do something.The question is what is best.And the answer of course is to vote me ruler of the world for a single year.I will fix everything and my last official act will be to make myself ruler forever.

your a sick man BG, give it up lolbetter yet when I move to CA, remind me not to vote for you

[Balloon guy 158]

your a sick man BG, give it up lolbetter yet when I move to CA, remind me not to vote for you

If you need reminding not to vote for me...please don't vote at all.

[wsox8 10]

If you need reminding not to vote for me...please don't vote at all.

I'll vote for you, Bubble gum.