US Gaming Law rules Crackdown (shares falling)
Its official the USA has passed the bill to crackdown on US gambling. The bill prevents banks and credit card companies from processing transactions. For months now the online casinos themselves have been promoting the likes of neteller as an alternative means of funding your online gaming account. We knew this day was coming but even up to the 11th hour, not even I thought the Bill would be passed.The shock waves are now reverberating around the world and can be seen as share prices start to descend.
“As much as £3 billion was today wiped off the value of UK online gaming companies after a dramatic US Senate ruling over the weekend that jeopardises huge swathes of their operations” Source Times.
One can only speculate that the profit from US online gaming is not being pumped back in to the US economy, as a lot of the online casinos are off shore. Its not so much of a moral debate, although this argument has been used as I believe, as façade to encourage the bible belt to jump on the band wagon against gambling; at it’s core its about control and not knowing in whose pockets the US dollar is lining. There has been speculation that the online casinos are funding some Mafiosi type organisations and there has even been rumours implying that online gaming funds terrorism. Nothing like a little propaganda to influence the vote.
I would speculate that this move is the precursor to move towards legalising home grown online casinos and I would not be too surprised to find out that the land based US casinos that have been in favour of the bill will be first inline to pitch for a new legalised and regulated and taxed system in the future. It is without a doubt the likes of Hurrah’s online casino has not been able to compete with the likes of the Micro gaming Casinos, purely because of the financial and physical need for bums on seats, they spend more then the virtual bums through their hotel chains and up sells.
It’s a day that I believe challenges civil rights and confronts “The American constitution”, Civil Rights Definition:Rights to personal liberty established by the 13th and 14th Amendments to the U.S. Constitution and certain Congressional acts, esp. as applied to an individual or a minority group.
The Moral Debate, the bible forbids people to gamble and middle America has been called the bible belt and not for nothing. Its protestant and evangelistic routes are deeply entrenched into the psyche of its people, first implanted by colonial rule. The Bible tells us…“He who oppresses the poor to get gain for himself, and he who gives to the rich will surely come to want” (Proverbs 22:16). “He that hasteth to be rich hath an evil eye, and considereth not that poverty shall come upon him” (Proverbs 28:22). Well, “It may come as a surprise, but wholesome Middle America has become a hotbed for gamblers. Some 40 riverboat and dockside casinos already operate in Illinois, Iowa, Indiana and Missouri, and it’s a good bet more are in the offing. Iowa this year passed a comprehensive gambling law that allows the gaming commission to issue an unlimited number of casino licenses. Gaming proposals currently are being hotly debated in Illinois” Source Gambling Law US According to the industry group the American Gaming Association, 11 states now have commercial casinos, 28 states have Indian casinos and 40 states and the District of Columbia have lotteries. The 445 commercial casinos in the United States generated nearly $29 billion in gross revenue last year” Source CNNGambling addition has also been banded about, so will there be a bill to make the following illegal? Alcohol (One family in three is estimated to be affected in some way by a drinking problem, source: The Institute of Medicine of the National Academy of Sciences. Also 40 negative references to alcohol in the Bible, MacDonald’s (The Bible also warns us against gluttony (Deuteronomy 21:20, Proverbs 23:2, 2 Peter 1:5-7, 2 Timothy 3:1-9, 2 Corinthians 10:5).
I can provide one contradiction after the other and keep going until thy kingdom come…
The bottom line, as always is USA economics. The issue is not about the gambler or religion, that’s a red herring, its about keeping the US Dollar in the USA
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i think the law is stupid.. and possibly illegal. on the bills themselves it reads this note is legal tender for all debts, public and private. what makes the government think they have the right to tell me how i make or spend my money?
i am a US service member, i fight for the very freeedoms to let poeople be as stupid or smart as they chose. if i feel the need to give away, or make money, i dont think the government has the right to tell me different.