UIGEA Deadline On The Horizon, Online Gamblers Skeptical Over Potency...

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    Last post ago almost 7 years by chillymellow
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        What will happen to us, players from US...SIGH!!!

        While many of us will be paying our rents and mortgages on June 1st, an event of significant importance is also set to take place in the world of online gambling – the Unlawful Internet Gambling Enforcement Act.

        In a nut shell, the Unlawful Internet Gambling Enforcement Act, or the UIGEA, states that no financial institution, a bank or otherwise, may process the payments of funds into online gambling sites. The UIGEA would enforce punishments against those institutions who would ignore this legislation, while the player would be exempt from any legal action.

        Under the Unlawful Internet Gambling Enforcement Act, players do not face any legal trouble. Though the federal legislation makes online gambling illegal only for those operating the business and the people who actually transmit the money into the gambling sites. Some states do have laws making online gambling a technical illegality.

        The biggest fear that players have is that of being able to deposit into their accounts. By attempting to sever the financial arm of the online gambling industry, the federal government is aiming to prevent online gambling on a whole.

        Other tactics the Department of Justice has been using to prevent online gambling in the United States without an outright ban and threat of arrest toward the players is the scare tactics against the operators of online gambling. With payment processors such as Douglas Rennick and operators such as Gary Kaplan being punished for their involvement in the industry, other names in the industry have either pulled out of the United States market or gone through greater lengths to hide the purpose of the different transactions.

        Interest groups and legislators alike are working toward the repeal of the UIGEA, as well as the creation of a regulatory body for online gambling, though progress has been slow at best. Unfortunately, the UIGEA will not be repealed until after the law goes into effect, if it is to be repealed. The hope for a regulatory body for online gambling, as well as a taxed and legal industry, are still hopes on the horizon.

        The different USA online gambling sites are still going to provide the same level of gaming that had been offered prior to the inception of the UIGEA. While some players are fearful of the UIGEA’s implications, most players firm in the fact that nothing will happen other than a puff of hot air.
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        That is such a shame. We are grown adults, we are old enough to make our own decisions on what we do with OUR money. Soooo it is OK to go to Vegas and blow your life savings, but to deposit into a casino online is a NO NO? I don't understand.

        This makes me so mad... >:(



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        USA I love you but you are whacked.  You love to make criminals out of pot smokers and homebodies.  We pay taxes, what's the problem?  Can't you figure out how to tax our entertainments and indulgences and make some money instead of spending millions trying to come up with new ways to make our miserable lives less fun or throw grandma and grandpa in jail?

        Land of the Free, home of the Brave?  Free to what-bake apple pie all day? Brave ?  You persecute/prosecute those brave enough to admit they enjoy being happy at home.  What ever happened to Life, liberty, and the pursuit of happiness?

        Can't Uncle Sam perhaps focus more on getting child pornography and other nasty things out of our internet experiences and less on pretending to protect us from evil online casinos? 

        I'm preaching to the choir, I know.  This UIGEA stuff is just stupid and a waste of resources and a disturbance of the peace.
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        chillymellow wrote:

        USA I love you but you are whacked.  You love to make criminals out of pot smokers and homebodies.  We pay taxes, what's the problem?  Can't you figure out how to tax our entertainments and indulgences and make some money instead of spending millions trying to come up with new ways to make our miserable lives less fun or throw grandma and grandpa in jail?

        Land of the Free, home of the Brave?  Free to what-bake apple pie all day? Brave ?  You persecute/prosecute those brave enough to admit they enjoy being happy at home.  What ever happened to Life, liberty, and the pursuit of happiness?

        Can't Uncle Sam perhaps focus more on getting child pornography and other nasty things out of our internet experiences and less on pretending to protect us from evil online casinos? 

        I'm preaching to the choir, I know.  This UIGEA stuff is just stupid and a waste of resources and a disturbance of the peace.


        AMEN!!!!!
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        Chillymellow you're on my team that was excellent, well said!

        MommyMachine... yeah isn't that a trip.. come here to USA and blow all your money, theres no restrictions, swipe your card all you want, have a ball spending it, but for us to spend ours OUT of the USA... seems to have a big whole in our silverspoon of entertainment.. and USA gots a big bowl underneath to make sure its catching the drippings in which our privacy, rights and freedom drowns.
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        MommyMachine wrote:

        That is such a shame. We are grown adults, we are old enough to make our own decisions on what we do with OUR money. Soooo it is OK to go to Vegas and blow your life savings, but to deposit into a casino online is a NO NO? I don't understand. so true my dear friend if the government would spend more time curbing its wasteful spending maybe they wouldn't be so hard up to tax us for everything including living lmao soooooo unfair to live in communism the land of the free my left butt cheek

        This makes me so mad... >:(




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        What it comes down to is states would loose out with their taxes on local gaming revenues.  The federal government would get all of the money generated.  Allthough Vegas/Nevada can cry really loud I know if allowed the big names in vegas would love to get in on the online revinue.

          Also if online casino play is allowed in the home than they would probibly have to allow casino play outside the home(I belive that indian tribes are still considered to be soverign nations so what they do on their land is exempt unless they have a pact/deal with the gov that states otherwise)
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        One of the main reasons that legislators are pushing for legal and regulated online gambling is that of taxation security. With multiple pieces of legislation being concocted over a regulated online gambling industry, the prospect has been discussed with heavy scrutiny. The most recent discussion took place in the House Ways and Means Committee, and many arguments were put forth.

        Representatives Barney Frank (D-MA) and Jim McDermott (D-WA) appeared on the first panel in order to put forth their testimonies on the benefits of legalized online gambling, while Bob Goodlatte (R-VA) cited his testimony as to why online gambling should remain a shadowy, illegal racket.

        A secondary panel was also present, which included Christopher Wagner, Commissioner of the Small Business and Self Employed Operating Division of the IRS, and Charles M. Steele, Deputy Director of the Financial Crimes Enforcement Network, to state facts on the online gambling industry as it pertains to the current state of affairs regarding taxation and regulation.

        Frank and McDermott’s arguments kept true to the benefits of Internet gambling. Both testimonies would, arguably, stem from the lack of a regulatory body for legal online gambling. McDermott highlighted the fact that, as with the prohibition of alcohol in the 1920’s, the prohibition of online gambling is all but a failed endeavor. Hundreds of thousands, if not millions, of Americans continue to gamble over the Internet. Representative Frank chose to accentuate the fact that these online gamblers are unprotected in the event that an unscrupulous operator of an online gambling venue decided to turn to fraud or blatant thievery in regards to the player’s money.

        Both McDermott and Frank offered ideas on how to not only protect gamblers from these fraudulent transactions, but also methods of taxation that could be enforced.

        Frank’s testimony kept with the fact that the regulatory body would ensure that only legal bets would take place. If a form of gambling were illegal in one jurisdiction, either because of local, state, or tribal law, then the online version of these wagers would also remain illegal. Frank sought primarily to protect players and prevent money laundering and other illicit activities.

        McDermott’s views on the taxation of online gambling kept with his initial idea of funding many programs with the estimated $40 billion that could be collected over the years from gambling tax. The collection of licensing fees, as well as the taxes, was stated in his testimony. Not only would each gambling operator be required to pay a licensing fee in the United States, but each deposit and all winnings would also be subject to some form of tax or another.

        Bob Goodlatte, one of the major opponents to legal online gambling, also went to work in offering his testimony. His testimony included the alleged weakness of current technology in preventing money laundering and protecting minors, an allegation that has continuously been proven false by many authorities in the online gambling world. His argument also included how HR 2267 would reportedly dismiss existing laws, such as the Wire Act of 1961, as well as introduce illegal forms of betting into the United States.

        The secondary panel’s arguments were based on the current structure of tax law and security measures that are in place. Both Wagner and Steele attempted to remain neutral in regards to online gambling, and simply put forth the facts.

        Christopher Wagner of the IRS put forth the fact that the current taxation scheme should, in theory, cover online gambling. As with any gambling victory a player may experience in a land based gambling enterprise, a series of taxes are to be collected on gambling winnings – regardless where they were won. The IRS currently has a long list of taxes should certain requirements be met.

        Charles Steele of the Financial Crimes Enforcement Network put forth his facts pertaining to security measures relating to money laundering in the gambling industry. Regardless of the reasons for a transaction, certain measures are in place to prevent money laundering in the gambling industry. Most of these measures are on the shoulders of financial institutions, though the regulatory laws for American gambling enterprises have not yet spilled over into online gambling sites, again due to the lack of a regulatory body. Still, banks are required to file Suspicious Activity Reports and similar reports when financial transactions entail shady details, international transactions, or when they exceed certain limits.
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        I am wondering if the taxation, if ever put into place, would be like that I encountered by using Worldwinner (a skill-game gambling site).  They kept track of everything, so, for example: If I played a dollar and won a dollar (which to me is not winning) I paid taxes on the dollar I won.  Though I ultimately could put my losings on my tax return to offset my "winnings" and thus came out pretty even, it appeared I had won thousands of dollars.  Once on Cyberbingo, I found myself the weekly casino winner, with over $118,000 in winnings, and a balance of about 12 cents.  Luckily I did not have to pay taxes on the $118,000 plus!

        I like to hit the spin button, and I'm going to take advantage of every spin I can before the spins hit the fan (tomorrow?).  Free chips will possibly not be so fun anymore if they cause me to "win" $1500 to cash out with $50, what's the point?  On the other hand, at the Kickapoo Lucky Eagle Casino in Eagle Pass, I could spin all I wanted and those "winning" spins didn't count if I didn't cash out. 

        So, will it be I pay taxes on the technical wins (like breaking even) on every spin, or will it be only on money I cashout? 

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