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Old 04-15-2011, 08:15 PM   #1
CrazyAL
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Default FBI shuts down 3 major poker sites

Anyone following this? pretty insane

http://latimesblogs.latimes.com/mone...wn-by-fbi.html

http://www.pokerstars.com/
http://www.fulltiltpoker.com/
http://www.absolutepoker.com/

I'm not American but I do play online poker though and this isn't good
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Old 04-16-2011, 01:03 AM   #2
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holy shit
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Old 04-16-2011, 02:39 AM   #3
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The people with money on those sites can wave goodbye to it.

Hard to know who the real crooks are sometimes.
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Old 04-16-2011, 03:35 AM   #4
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The people with money on those sites can wave goodbye to it.

Hard to know who the real crooks are sometimes.
These days it's not hard at all.
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Old 04-16-2011, 04:13 AM   #5
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Nice trade setup: I will buy more casino stocks :-)
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Old 04-16-2011, 06:14 AM   #6
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Wiki states that "Some states have specific laws against online gambling of any kind. Also, owning an online gaming operation without proper licensing would be illegal, and no states are currently granting online gaming licenses"

I never knew online poker is illegal...
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Old 04-16-2011, 07:31 AM   #7
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Originally Posted by kenhirai View Post
Wiki states that "Some states have specific laws against online gambling of any kind. Also, owning an online gaming operation without proper licensing would be illegal, and no states are currently granting online gaming licenses"

I never knew online poker is illegal...
No states are granting online gaming licenses yet but there are legislatures in the works of states trying to pass laws to permit online gambling within those states. 2 states that come to mind of course is Nevada and New Jersey (NJ failed to pass though) but others are in the works. Cali too i believe.: http://onward.justia.com/2011/03/07/...everal-states/


I follow this story closely because i play alot of online poker and Im' in the U.S. No one will lose their money. U.S. accounts are frozen for now.On Pokerstars.com at least. Full Tilt my friend was still able to play on. This has happened before with other companies the DOJ went after like Partypoker.com, Betonsports.com and Neteller.com. The DOJ/U.S. prosecuted them but all U.S. citizens eventually received their money back. They are after the owners of the sites, not the players.

Online poker isn't illegal per say. There is no specific law imo saying that online poker is illegal. What is illegal is for these businesses as well as banks etc. to accept or process payments. Congress (or should i say Republicans) sneaked in this law in the SAFE Port Act of 2006 at the last minute so there would be no debate about it and it passed. The part in the act/law is called The Unlawful Internet Gambling Enforcement Act of 2006. And that is what they are using to go after Pokerstars.com, Full Tilt and Absolute Poker.com . Of course they excluded lotteries, horseracing & fantasy football from the act because we all know that is different gambling that doesn't cause problem gamblers, underage betting etc. Only online poker does that Anyways this is what it basically says:

"This title (found at 31 U.S.C. 53615367) "prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law."[5] The act specifically excludes fantasy sports, that meet certain requirements, and legal intra-state and inter-tribal gaming. It does not expressly mention state lotteries; nor does it clarify whether inter-state wagering on horse racing is legal."

You can read more about it here:

http://en.wikipedia.org/wiki/SAFE_Port_Act

And how did the sites get busted? Apparently there was a snitch who used to work for the sites:

http://www.businessinsider.com/boy-g...scandal-2011-4

Guess I won't be playing Razz, Stud hi, & Limit Hold Em for awhile. But I have no doubt the sites will get around it and start accepting U.S. wagers again eventually if not by legalization itself.
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Old 04-16-2011, 07:35 AM   #8
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Nice trade setup: I will buy more casino stocks :-)
Actually Fax, some of the casino's were in partnership with some of the online poker sites if and when legalization passed. For example Wynn Resorts was in partnership with Pokerstars until this happened. And my guess once it dies down and legalization does happen, Wynn and the others will pursue it again.
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Old 04-16-2011, 07:53 AM   #9
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Actually Fax, some of the casino's were in partnership with some of the online poker sites if and when legalization passed. For example Wynn Resorts was in partnership with Pokerstars until this happened. And my guess once it dies down and legalization does happen, Wynn and the others will pursue it again.
I thinks it's mostly about paying taxes. Real casinos pay a lot of tax, while offshore gambling sites don't.
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Old 04-16-2011, 06:05 PM   #10
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I thinks it's mostly about paying taxes. Real casinos pay a lot of tax, while offshore gambling sites don't.
I wouldn't say it's about taxes only because they are not being charged with tax evasion. They are being charged with fraud, money laundering etc. And it's not the sites fault because they do want legalization and to be regulated/taxed in the U.S. It's the GOP with their god almighty morals about what we can or can't do. If it's not that then whatever reasons they give for not legalizing online poker is definetly not valid when we have casino's in like 38 states, state lotteries, horseracing etc. Yet we have a big deficit, maybe tax increases etc. and they don't want to legalize and regulate this for the tax revenue it will bring? Boggles the mind.

The online poker industry does have it's own organization here in U.S. fighting for legalization though and it's main lobbyist is Former Sen. Al D'Amato. This is the site: www.theppa.org
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