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“the NASDAQ-bubble-burst of the online gambling “
I like this term so much I am claiming it and if you want to use it – I would demand royalties.
http://www.ogpaper.com/comments/article-0196.html
Opinions always welcome.
Interesting reading!
This was an excellent and very well written article. As mentioned the law is going to be so difficult to enforce but the problem with the law is that is actually working as a scare tactic.
The article also says:
Do you know what I say – Let them run! Let all of the lousy, sneaky, cheating online gambling companies run away from the US market and never come back (I pity the Europeans which would be unfortunate to play at their properties).
This is where I tend to disagree, there are many reputable companies that had no choice but to leave the US, especially if they were publicly listed companies.
Agreed – the entire first two sections decrying the quality of the companies that exited the US online gambling scene are flawed …
… it might make great blog copy for a rant … but these companies were anything but “lousy, sneaky, cheating”.
Indeed, they’re responsible, well-financed, public listed companies that will remain profitable even in their smaller markets.
The next section … The Banks and the gambling transactions fiasco: is good – and it’s basically what I was saying when this UIGEA started – of course that didn’t stop the professor going off at me when his processor stopped sending money out of fear … but here we have it the banks saying it.
The final section then again takes a shot at the companies for not trying to “change” the law and find a legal way around it … Yeah … the US really lets foreign nationals and companies lobby and agitate domestic policy.
NOT.That’s globalisation – when the market conditions change you evaluate the situation and take the most profitable course. Hanging around burning cash and being a target for the US DoJ was NOT considered the best option by these companies …
And they were probably right.
Overall – I found myself only agreeing with the middle third of this article – that this bill will be impossible to enforce legally …
But then of course, recent developments with the WTO and also in the camp at Guantanemo Bay shows that legal nicities are simply ignored when the US administration wants it’s own way.
I expected that. :stirpot:
And I place no blame on publicly traded companies with long time land based presence, such as Ladbrokes, Will Hill etc. – their “online” buinsess has never been their main concern, and they would not need the hustle of continuing the operations in the US.
However, if you agree that the law is nearly impossible to enforce, how would you explain the eagerness of the many online-only gambling websites to leave the US as soon as possible???
How would you explain that there are many gambling websites which manage to process payments via checks and credit cards, while so many are leaving the US or just closing down with the excuse of being unable to process payments???
Not to mention that as far as I know, there has not been one single online gambling company charged under this new law, because it simply does not apply to them, as they are legal in their jurisdictions…
Stupid wrote:I expected that. :stirpot:And I place no blame on publicly traded companies with long time land based presence, such as Ladbrokes, Will Hill etc. – their “online” buinsess has never been their main concern, and they would not need the hustle of continuing the operations in the US.
However, if you agree that the law is nearly impossible to enforce, how would you explain the eagerness of the many online-only gambling websites to leave the US as soon as possible???
How would you explain that there are many gambling websites which manage to process payments via checks and credit cards, while so many are leaving the US or just closing down with the excuse of being unable to process payments???
Not to mention that as far as I know, there has not been one single online gambling company charged under this new law, because it simply does not apply to them, as they are legal in their jurisdictions…
It is simple if they are publicly traded they are accountable towards their shareholders, and compliance is taken very seriously.
The percentage of publicly traded companies to the privately owned ones is so small, it’s not even an issue. Probably 95% (maybe 100%) of the programs listed on CAP are NOT publicly traded. So why did they leave the US market?
Stupid wrote:The percentage of publicly traded companies to the privately owned ones is so small, it’s not even an issue. Probably 95% (maybe 100%) of the programs listed on CAP are NOT publicly traded. So why did they leave the US market?I guess no one wants to share a cell with Bubba, and I disagree that 95% are not publicy traded, you need to keep in mind that many of the casinos belong to networks such as playtech which is publicly traded, if the network says they can not accept US players there is not much they can do.
Bubba is in the United States. None of these companies are in the US…
As far as the software provider – nice excuse, but Golden Palace is a great example of how much this matters..
neither were the prisoners on Guantanamo Bay.
You cannot compare GB with online gambling. No one charged under UIGEA would end up at a political prison.
obviously not, but they could extradicte and base it on money laundering
Well, they could have done this a long time ago – money laundering laws have been around for decades. You seem to miss the fact that money laundering could apply to any kind of business activity – legal or illegal. Money laundering is “the practice of engaging in specific financial transactions in order to conceal the identity, source, and/or destination of money”.
I just don’t understand why affiliates are taking the side of the online gambling websites – many of us continue to advertise gambling websites which accept us players, and many of you have a page dedicated on your websites for “casinos accepting US players” – aren’t YOU affraid of Bubba?
Here are a few great examples:
With the recent changes in the industry in the last few months,
it has become increasingly difficult to effectively process
financial transactions to 49er’s valued US customers.Effective February 26th, all VIP Profits merchants will no longer accept new customers from the United States. Long standing premium customers have contributed to our success over the years and we intend to increase our service commitment to them – exclusive focus on preferred customers.
And many others took the same stand – “It became difficult to effectively process financial transactions”
Nothing to do with being affraid of arrest or breaking a law. They just do not feel like finding a way to process payments, that’s it. And why (and how) is VIP continuing to service high-rollers? Aren’t they affraid of Bubba? Why it’s difficult to process the payment of the regular Joe, but the guy who deposits $30K a month is able to do it?
