Interesting Information from espn |
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Posted Tue Oct 10, 2006 5:57 pm GMT by General Sal
Nice article from John Helyar, who writes about "Sports Business" for ESPN and the Wall Street Journal. Apologies if someone posted this already, I quickly scanned through the threads and didn't see it.
Here's a couple of interesting points, but most of the article has already been discussed on here:
Joseph Kelly, a law professor at Buffalo (NY) State College and an attorney for online gaming concerns, calls the law "highly unenforceable." The act makes it illegal for banks to transfer money from customer accounts to online gambling firms. But for the most part, bettors don't pay their online bookies directly. Payments usually are routed to offshore firms through an online intermediary such as Canadian-based Neteller, the biggest money-transfer firm in this sphere. In addition, American banking lobbyists insisted that the most basic form of payment be exempted if the industry was to support the law. That's the good old-fashioned check -- both paper and electronic versions -- whose volume made them impossible to monitor. So checks are exempted.
The law, nonetheless, already has had a chilling effect, he added. In checking with one online site yesterday, Weitzner found customer withdrawals were up 10 percent, and the action on "Monday Night Football" was down.
Two things "The Shrink" would like the gambling public to know: 1.) It's still not a federal crime to be an online bettor, just to be an online bookie; and 2.) The measure isn't effective until the promulgation of its final regulations, by statute up to 270 days after the bill's signing into law.
Full article:
http://sports.espn.go.com/espn/news/story?id=2611872
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