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Online Poker- How long?

(4 posts)
  • Started 1 year ago by Paul Ruginis
  • Latest reply from matt asay

  1. Paul Ruginis
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    I am just interested in what other US players think...

    If Barney's new and future legislation for the legality of online poker never gets passed into law, does the US govn't really have the "power" and ability to shut down ALL poker sites?

    Why did Party go out of buisness years ago while FTP and Stars continue to run and operate in US with apparently no problems.

    My guess would be all the big sites will eventually deny US players out of fear of prosecution, but hundreds of small ones will keep popping up. Didn't the US govn't ban downloading music for free on the web? There are still dozens of sites out there where you can do this...what do you guys think?

    Posted 1 year ago #
  2. matt asay
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    FTP and Stars pay taxes on a % of there US profits. And its not illegal to play poker online in the US. If it was how do all the sponsored pros continue to play daily on these sites. These players are in the spotlight and have no way of hiding there play like the rest of us. That is if you consider your play hiding or illegal. The pros would be the first taken down as per there status. IP addresses are easily tracked and we would already have been prosecuted.

    Online Gambling Is Legal. Gambling online for money is legal in the United States,
    with some restrictions on sports betting discussed below. People who fall victim to fraud
    in online gambling operations are not lawbreakers. Internet gambling does not break any
    federal law and only one state in the union(well Kentucky is trying), Washington, expressly bans it for state
    residents.6 Three federal laws regulate Internet gambling.
    • The Wire Act limits interstate transmission of sporting results for the purpose of
    betting.
    3
    • The Professional and Amateur Sports Protection Act (PASPA) bars certain states
    from legalizing sports gambling.
    • The Unlawful Internet Gambling Enforcement Act (UIGEA) does not directly
    restrict gambling but instead deputizes banks, credit unions, and credit card
    companies to block illegal online gaming transactions.7
    None of these laws—and no state laws outside of Washington—bar individuals from
    placing non-sports bets online. Sports betting online, except on animal racing, is illegal
    everywhere except in states that offered any form of legal sports betting before PASPA
    passed in 1991. Almost all other online gambling is legal.
    While UIEGA—which does not yet have implementing regulations in force—makes it
    illegal for banks and other credit processing companies to transfer money related to
    unlawful Internet wagering, it does not prohibit online gambling per se.
    However, UIGEA’s ambiguity—it lacks a definition for what constitutes “unlawful
    Internet gambling”—will create a de facto ban on Internet wagering in the United States
    when it goes into effect by making it prohibitively risky and expensive for credit
    processing agencies to determine what types of funds they can handle under the new law.
    To avoid risking fines or investigation, credit processing companies would simply refuse
    to handle any funds that could potentially be linked to unlawful gambling.

    Posted 1 year ago #
  3. I don't think FT and PS pay ANY US taxes - these are both located outside US borders (Cayman Island?) and I do NOT think they pay - they have VOLUNTEERED to comply with US gaming and banking laws if Frank's legislation passes because they know that US players are the bulk of their business and they want to keep the money flowing. What does that mean? It means you will get a W-2G for a tournament win in excess of $5,000 net - just like in a US casino. Cash games would most likely be handled just like a B&M Casino - no reporting. It will be GOOD for us...

    Posted 1 year ago #
  4. matt asay
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    You will file your own taxes on a I99 on a big win, cash games you keep a daily win loss. Pros pay 13.9% on there first 94k and 2.9% on anything above, just like any other self emplyed person. The only time you will be taxed is when you deposit that money into your bank account. They can not tax something you dont touch. Your cluless...

    Posted 1 year ago #

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