Wednesday, July 12, 2006

Gambling on the Internet Illegal in the U.S 

The U.S. House passed an Internet bill yesterday that would prevent gamblers from using credit cards to bet online. It voted 317:98 for the bill which would allow authorities to work with Internet providers to block access to gambling websites, although some say:

"Prohibition didn't work for alcohol. It won't work for gambling."

others say: "Regulating a $12-billion industry would be better than outlawing it".

On the other hand, the Internet gambling industry is already entirely off-shore though about half of the customers live in the U.S.

Of course there are extemptions: Horse Racing and State Lotteries - How did the old Romans say: "Pecunia non olet"

I basically do not gamble, because you cannot win in the long run - some 35 years ago I studied some mathematics - but what I know is that casinos are a place where you loose about 1% to 10% per play - depending what and how you play.

In state lotteries it is 50%

Is it to block competion - or is the U.S. simply going down the path to forbid everything somebody has fun with:

Starting with smoking and gambling, alcohol will be next, sex, eating fast food (this will be a hard one), laughing, ...

What is left in god's own country: working, eating vegetables and wage war against Irak (or Iran or whatever is suitable.

Gambling Commission under the old regulatory regime, applications have progressed to full hearings while the fortitude of these Online Casinos Extreme
commissions and licenses are all but operational; some of these are thought to be dormant and others under construction. Concern at the spate of applications and imposed a cut-off date of April next year for submissions under the old legislation.
i agree with the legislation which aims to ban credit cards as a payment method for online gambling of any sort... i mean its a no brainer when you consider you are placing [somebody elses] money on an uncertain event happening with the aim to recoup more than you invested. Chance and credit do not mix well in my opinion, and continuing to allow it would only contribute further to negatively affecting the high levels of personal debt many citizens today find themselves in. I agree however, in a sense that it won't work - i mean whats the point in banning credit card payments for online poker, for example, but not online sports betting? slightly hipocritical no? I mean how can you allow someone to participate in online horse racing betting, but not have a gamble on a hand of cards? both activities involve a large degree of chance, and neither are guaranteed to yield financial return.
It also infuriates me that the minority of irresponsible gamblers [those paying with someone elses money!] have now ruined the fun of online betting for everyone else - those like me who pay with money they actually have in their bank!! boooo
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