spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 Party shares down 57% so far this morning ouch Link to comment Share on other sites More sharing options...
Gemmill 46027 Posted October 2, 2006 Share Posted October 2, 2006 Jesus. Is Party a UK company then? What is up with the US government man? What harm are people doing - they already charge tax on winnings ffs. I wonder how the other major poker sites are going to handle this. I guess the government will just shut them down if they don't handle it properly. Might be a good idea to keep a minimum cash balance on these sites I suppose btw, in case one or two go tits up. Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 Jesus. Is Party a UK company then? What is up with the US government man? What harm are people doing - they already charge tax on winnings ffs. I wonder how the other major poker sites are going to handle this. I guess the government will just shut them down if they don't handle it properly. Might be a good idea to keep a minimum cash balance on these sites I suppose btw, in case one or two go tits up. They've all been operating outside the US for a while, but are US backed in the main, I think. Isn't Party in Costa Rica? I'm not so convinced they'll all follow so quickly, Party is run by by fucking idiots, I just hope all the Fish they evicted migrate to Stars, where I play. Plenty of Americans in the tournament I start in 4 minutes, even though it's the middle of the night/early morning over there. I'd be happy enough if either them or Full Tilt told George to go fuck himself. This is why they're all off-shore, isn't it? Someone is looking at this as a massive opportunity, hopefully Party moved too soon and fucked themselves. Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 They slipped this through on the back of a big port security bill; how do we live in a world where this shit can actually happen? I don't think this is as bad as first seemed, they've banned US cards and accounts from making direct payments, no mention of neTELLER, which is why it was invented in the first place. They may agree to it as a foreign banking operation, but they are under no obligation. The Federal Bank and AG have 270 days to even figure out how to enforce this thing. Party have massively jumped the gun here, idiots. They should just sort out a taxation agreement with the US, problem most likely solved. Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 Pacific (888.com) have also confirmed they wont service US players, I think they were 3rd behind Party and Stars. The legislation has been specificlly drafted to make it illegal to deposit with neteller or other financial institutions that service "the illegal online gaming industry" Link to comment Share on other sites More sharing options...
Gemmill 46027 Posted October 2, 2006 Share Posted October 2, 2006 I just don't get what the government stands to gain from all this. They're losing out on tax revenue, and gaining nothing. Unless they have some dastardly long term plans re-introduce online gaming with government licensing, what is this all for? Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 Pacific (888.com) have also confirmed they wont service US players, I think they were 3rd behind Party and Stars. The legislation has been specificlly drafted to make it illegal to deposit with neteller or other financial institutions that service "the illegal online gaming industry" neTELLER are outside their jurisdiction, though. My information says Party haven't even pulled the plug yet, won't do so unless Bush signs it in. Am I wrong? Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 I just don't get what the government stands to gain from all this. They're losing out on tax revenue, and gaining nothing. Unless they have some dastardly long term plans re-introduce online gaming with government licensing, what is this all for? US citizens will still have to pay taxes on poker winnings. The thinking behind it seems to be some sort of unholy combination of christian rightwing anti gambling fervour and protectionism for state run lottery/horseracing which is still legal. Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 Pacific (888.com) have also confirmed they wont service US players, I think they were 3rd behind Party and Stars. The legislation has been specificlly drafted to make it illegal to deposit with neteller or other financial institutions that service "the illegal online gaming industry" neTELLER are outside their jurisdiction, though. My information says Party haven't even pulled the plug yet, won't do so unless Bush signs it in. Am I wrong? Thelink I posted earliewr was the Party statement 2 October 2006 PartyGaming Plc United States legislation On 30 September 2006, the United States Congress passed The Safe Port Act. That measure also contained certain provisions known as the ‘Unlawful Internet Gambling Enforcement Act of 2006’ that will affect the processing of payments between US customers and online gaming companies, including PartyGaming, that are publicly traded and licensed and regulated in respected jurisdictions. The Act is expected to be signed into law by President Bush within the next two weeks. If signed into law, it will immediately make unlawful the receipt by a gambling business of proceeds or monies in connection with unlawful internet gambling. The Act does not clarify the definition of unlawful gambling. However, as the first piece of Federal legislation dealing explicitly with internet gaming, it does make clear that the US government intends to stop the flow of funds from Americans to online gaming operators through criminal sanction. The Act also asserts that, under US law, a wager must be permitted under the laws both of the customer’s place of residence and that of the operator. After taking extensive legal advice, the Board of PartyGaming Plc has concluded that the new legislation, if signed into law, will make it practically impossible to provide US residents with access to its real money poker and other real money gaming sites. As a result of this development, the Board of PartyGaming has determined that if the President signs the Act into law, the Company will suspend all real money gaming business with US residents, and such suspension will continue indefinitely, subject to clarification of the interpretation and enforcement of US law and the impact on financial institutions of this and other related legislation. Access to PartyGaming's online gaming sites for the Group's US free play customers will be unaffected. Access for all of PartyGaming’s non-US customers will also be unaffected. The Group’s strategic focus remains on developing its existing markets outside of the US and on developing new markets and products. Should activities in the US be suspended, the Directors will also seek to re-align the Group's cost base to accommodate the changed business environment. However, any such suspension would also result in the Group’s financial performance falling significantly short of consensus forecasts for 2006 and 2007. Mitch Garber, Chief Executive Officer of PartyGaming, said: seems pretty cut and dried I think they have made it illegal for US banks to trade with neteller. Basically it is still legal to play or withdraw money, but not to deposit Link to comment Share on other sites More sharing options...
Gemmill 46027 Posted October 2, 2006 Share Posted October 2, 2006 I just don't get what the government stands to gain from all this. They're losing out on tax revenue, and gaining nothing. Unless they have some dastardly long term plans re-introduce online gaming with government licensing, what is this all for? US citizens will still have to pay taxes on poker winnings. The thinking behind it seems to be some sort of unholy combination of christian rightwing anti gambling fervour and protectionism for state run lottery/horseracing which is still legal. Re losing out on winnings, what I meant was they're losing out on tax from online winnings because presumably those that are going to try and play illegally now can't declare their illegal income as taxable. That idiot Bush will still be giving off about "freedoms" in his speeches. What a pillock. Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 Looks like political manouvering on both sides to me, but I haven't been following it closely enough. Any idea how likely Bush is to pass it into law? I'm playing at the same time, so it's quite difficult to read through long documents. I have the gf sending me info down as she finds it. Link to comment Share on other sites More sharing options...
Gemmill 46027 Posted October 2, 2006 Share Posted October 2, 2006 Should you not be working like, bog boy? How many people in your tournament today? Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 Should you not be working like, bog boy? How many people in your tournament today? I've done nothing but play poker for a couple of weeks now. I've kind of made myself redundant. Only 1800 odd, I think, 800 left now. Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 Looks like political manouvering on both sides to me, but I haven't been following it closely enough. Any idea how likely Bush is to pass it into law? I'm playing at the same time, so it's quite difficult to read through long documents. I have the gf sending me info down as she finds it. 100% Likely to be signed, was passed unanimously in the senate. Will be signed within two weeks Link to comment Share on other sites More sharing options...
Gemmill 46027 Posted October 2, 2006 Share Posted October 2, 2006 Are you playing for moolah? I can never be arsed with the MTTs, cos I've no idea how long they'll go on for. At least with SNGs, I know it's 1hr 15 minutes tops. Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 I just don't get what the government stands to gain from all this. They're losing out on tax revenue, and gaining nothing. Unless they have some dastardly long term plans re-introduce online gaming with government licensing, what is this all for? US citizens will still have to pay taxes on poker winnings. The thinking behind it seems to be some sort of unholy combination of christian rightwing anti gambling fervour and protectionism for state run lottery/horseracing which is still legal. Re losing out on winnings, what I meant was they're losing out on tax from online winnings because presumably those that are going to try and play illegally now can't declare their illegal income as taxable. That idiot Bush will still be giving off about "freedoms" in his speeches. What a pillock. The legality of playing hasnt changed, just the legality of depositing. Winnings still have to be declared as before Link to comment Share on other sites More sharing options...
Gemmill 46027 Posted October 2, 2006 Share Posted October 2, 2006 I just don't get what the government stands to gain from all this. They're losing out on tax revenue, and gaining nothing. Unless they have some dastardly long term plans re-introduce online gaming with government licensing, what is this all for? US citizens will still have to pay taxes on poker winnings. The thinking behind it seems to be some sort of unholy combination of christian rightwing anti gambling fervour and protectionism for state run lottery/horseracing which is still legal. Re losing out on winnings, what I meant was they're losing out on tax from online winnings because presumably those that are going to try and play illegally now can't declare their illegal income as taxable. That idiot Bush will still be giving off about "freedoms" in his speeches. What a pillock. The legality of playing hasnt changed, just the legality of depositing. Winnings still have to be declared as before Ahhh right, apologies. In that case there are some fairly straightforward ways around this surely. If it's just a question of having an overseas based bank account. Like you say though, you will still lose the mongs that get home drunk and stick $100 on for an all-in fest. Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 Looks like political manouvering on both sides to me, but I haven't been following it closely enough. Any idea how likely Bush is to pass it into law? I'm playing at the same time, so it's quite difficult to read through long documents. I have the gf sending me info down as she finds it. 100% Likely to be signed, was passed unanimously in the senate. Will be signed within two weeks Yep, I've caught up with you on a 5 minute break. Doesn't look to good in the short term. Tax and the Christian vote, nothing Bush does is ever actually about Christianity. So I have faith this'll be sorted by the end of the year, still going to hit online gambling pretty hard. You can bomb Iraqi children to pieces, George, but now you've hit my new hobby where it hurts, cunt. Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 Are you playing for moolah? I can never be arsed with the MTTs, cos I've no idea how long they'll go on for. At least with SNGs, I know it's 1hr 15 minutes tops. Just an MTT this morning, I don't do many of these, mainly playing the 3.40 SnGs to get practice. I'm profitable at those now, so I'll move up to the 10+1s this week. I had to take a day off yesterday as I've dreamed about nothing but poker for a week, still dreamt about it last night, although it was a lot less frantic, then I dreamt I was a pregnant woman. Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 Neteller news Quote for NETeller symbol lookup Make This My HomepageNETeller (London Stock Exchange S.E.T.S.) [11:11 AM BST] 140.50 GBp -214.50 (-60.42%) ANALYST RECOMMENDATIONS Sorry, no data available. SECTOR: Technology | INDUSTRY: Computer Services Last Trade: 140.50p Trade Time: 11:11 AM Change: -60.42% Prev Close: 355.00p Open: 138.00p Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 Somewhere out there there's a US citizen, who makes his living with online poker and had invested heavily in neTELLER. There's a mackem at my table. Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 Here is the official Pokerstars statement Hi folks -Obviously, there are many unanswered questions at this point - we'll let you know more as time progresses. However, there are three important things that we can tell you right now: 1. Your money is completely safe at PokerStars. It's kept in a segregated account at one of the largest banks in Europe. 2. You do, and will, have 24/7 access to your account funds. You will always be able to get to your money. 3. We have not made a decision one way or another as regards closing our American accounts. The other thing that I can promise is that we'll keep the lines of communication open to forums such as these. Stay tuned. Best regards, Lee Jones PokerStars Poker Room Manager I think my second income stream may be temporarily inconvenienced Link to comment Share on other sites More sharing options...
Gemmill 46027 Posted October 2, 2006 Share Posted October 2, 2006 Is that the same Lee Jones that wrote that low-limit Hold Em book? Link to comment Share on other sites More sharing options...
spongebob toonpants 4132 Posted October 2, 2006 Share Posted October 2, 2006 Thats the fella Link to comment Share on other sites More sharing options...
adios 717 Posted October 2, 2006 Share Posted October 2, 2006 America, Fuck Yeah! Link to comment Share on other sites More sharing options...
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