Cox & Forkum: Federal Hold ’em
Gamblers may look over their shoulder now, but experts say a new Internet gambling ban won’t keep bettors from ponying up, just turn them on to overseas payment services out of the law’s reach.
“It has put a terrible scare into people,” said I. Nelson Rose, who teaches gambling law at Whittier Law School. “But it won’t by any means wipe out Internet gambling.”
The fright swept through the $12 billion industry on the heels of the recent arrests of two gambling company executives and a new law President Bush signed Oct. 13 that seeks to ban most online gambling and criminalizes funds transfers.
The law has wiped out billions of dollars in shareholder value of British companies, leaving the industry’s future in doubt as U.S. lawmakers initially trumpeted they had found a way to halt bets coming from America. But serious questions remain about whether the legislation can be effective in stopping U.S. residents from playing poker or betting on sports.
The new law will NOT stop on-line gambling. Look at POKER now……..
When the American financial institutions realize how much revenue they are losing to offshore companies the law will be changed.
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