Kyl Bill News

EverFresh · Jan 27, 2006

Looks like the prohibition movement is gaining momentum:

1015 GMT [Dow Jones] PartyGaming (PRTY.LN) shares under pressure despite strong 4Q 05 and bullish outlook due to the continued uncertainty surrounding online gaming in the US, where it is deemed illegal. "It's all about Senator (Jon) Kyl...the lobbyists are gaining momentum again," says a fund manager. "We've seen great news from NETeller (NLR.LN) and PartyGaming but what's the next update...we think it's going to be spook stories from the US," he says, adding PartyGaming shares are likely to drift. PartyGaming -2.6% at 141.75p. (LEV)

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Dante · Jan 27, 2006

sounds like all it will be is more spook stories like it says I do not really read that article as that bad

EverFresh · Jan 27, 2006

Does anyone with any contacts in Washington care to comment on this? Will Kyl get his bill onto the order paper this year?

Thanks

EF

WildBill · Jan 27, 2006

Word is that it is well over 50/50 to pass now, but nobody has any idea in what form. Thank Jack Abramoff for that.

TTinCO · Jan 27, 2006

Don't panic-this is from a fund manager whose job is to minimize risk.

WildBill · Jan 27, 2006

Don't panic because at its worse the Kyl Bill does nothing but codify what is already happening. Unless somehow all you posters are using credit cards for offshores. There is no professionalism in this bill, it is all about making some stupid statement. These guys haven't done the research because it won't outlaw using agents or Neteller. If you send a bank wire to an agent in Panama and he forwards the money onto Pinnacle, you aren't violating the Kyl Bill.

Dante · Jan 27, 2006

Have you changed your Stance?? If the KYL bill passes will you stop online gambling?

If this becomes a LAW that online betting is illegal would you stop online betting

I know I would ...

I asked this I think 1 year ago curious how people feel about it

thanks

steeser · Jan 27, 2006

Very doubtful.

WildBill · Jan 27, 2006

Dante said:
If this becomes a LAW that online betting is illegal would you stop online betting

I know I would ...

I asked this I think 1 year ago curious how people feel about it

thanks

Dante,

Just how many times are you and others going to ignore what I write??? I have said this many times and people like you are still saying the same shit. Look, it is not going to make online betting illegal. To say that is to perpetuate the same inferences the Feds want you to believe. Kyl Bill is all about making it illegal to use financial instruments drawn on a US bank to enable gambling in foreign jurisdictions or places where gambling is illegal. PERIOD!

Please, we could use the help if you phrase this properly because there is no crime being created here. Thanks for your help...

Dante · Jan 27, 2006

Bill.... I happen to respect what you say and pay great attention to it....

I never ignore what you write and I think you know what you are talking about im just posing a question if it became Illegal to PLACE a bet wether it a KYL bill amendment or a sep bill or whatever would people actually stop ...relax

WildBill · Jan 27, 2006

Ok, point taken. Just very difficult to counter these Feds for those out there trying hard to protect all of our rights to gamble offshore. The Feds are a machine of half-truths and misinformation. They want you to believe the U.S. government has banned gambling and no one can do it. The fact our lawmakers have zero backbone on this and have no intention whatsoever to make it a crime. They love to preach about how something shouldn't be done, but they don't have the guile to actually pass that into law and piss off voters. Its all a nicely orchestrated show. The Kyl Bill likely passes so the GOP can make a lame attempt at disassociating themselves from Jack Abramoff, since he blocked the bill from passing many years ago. Little will the GOP reveal the bill he blocked back then and the current version of the Kyl Bill bear very little resemblance to each other because GOP pollsters quickly came to realize making betting a criminal offense for the bettor is a not a vote-building exercise.

Amsterdam · Jan 27, 2006

WildBill said:
Dante,
Kyl Bill is all about making it illegal to use financial instruments drawn on a US bank to enable gambling in foreign jurisdictions ... PERIOD

From USAToday:
Source: http://www.usatoday.com/tech/news/techpolicy/2004-01-29-net-gambling-bill_x.htm
"Among other restrictions, it would prohibit Nevada and other states from legalizing online wagering within their borders ... Internet gambling restrictions could become law by the end of the year."

Sounds like they're targeting online sportsbetting to me. Wildbill, please elaborate how it's not?

Edit: just saw the source link was from 2004. Whoops, sorry about that!

CY18 · Jan 27, 2006

Should I be worried about my money being in Neteller? How much trouble can this really cause the off shore industry if it's passed?

Chris

WildBill · Jan 27, 2006

Just about zero. This is noise Chris. The DOJ makes lots of it too, but when really pressed they admit if the business has no US interests they really can't do a damn thing about them.

Dante · Jan 27, 2006

Ammy...I was going to say that ...I have made that mistake with articles also and there dates ...no worries thanks for the read

WildBill · Jan 27, 2006

The DOJ already has threatened to prosecute Nevada businesses if they offered internet betting to residents. What exists here is closed-loop systems, run though the cable company and nothing else. The law already is in place that bans gambling over state lines unless it is specifically regulated, which horse racing is. Sports betting isn't legal on a federal basis, but neither is lottery play. Some states are trying to make playing the lottery on the net legal, but this would end that idea. As a result, some of those opposed to the Kyl Bill are lottery supporters.

I will repeat it again, the Kyl Bill specifically targets banks and financial insititutions. If you were to buy a money order and mail it to Antigua to use for betting on sports, that would violate the Kyl Bill. Guess what though, you wouldn't be the party on the hook, whatever financial institution sold you the money order would be. Now seeing that you can buy a money order at the corner convenience store, do you think the clerk is going to be out making sure you can't do this? Of course not. That is why this bill is going to get a lot of opposition, quiet opposition, from the banking industry. They don't want to be the enforcers, but they don't mind the Kyl Bill in spirit because they mostly don't like dealing with offshore gambling transactions. Offshore transactions have huge chargebacks and run into state law issues with the collectibility of a gambling debt.

It is a very interesting situation and far from decided, but the Abramoff thing is really the key driver here. If somehow Abramoff exits the news headlines and people don't think he taints voters in an election year, Kyl's Bill will hit the heap pile. Most people though are saying because he is pushing it early, while the news is still hot, he probably finally gets his way, but a myriad of technical changes are still to be made before it passes.

Amsterdam · Jan 27, 2006

Whether it's noise or not it's still concerning. The ol' foot in the door phenomenon: start out with something small and not majorly objectionable and then increase in magnitude and degree. I can't help but wonder: What's next?

Dante · Jan 27, 2006

thanks WB for the great clarification post..appreciate your insite

I merged the 2 threads

OMNIVOROUS FROG · Jan 27, 2006

It will go to committee, get bogged down by every special interest group opposed to it, stall and die it's usual slow death. It is almost like an annual requirement to dust it off and waste time on a bill that if you could ever get everyone with varied interests to agree on, is virtually unenforcable. Pretty much a yawner these days.

Best Wishes...OF :nopityA:

D2bets · Jan 27, 2006

WildBill said:
Word is that it is well over 50/50 to pass now, but nobody has any idea in what form. Thank Jack Abramoff for that.

Bill, can you explain how the Abramoff situation might have effected this bill. Thanks.

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