Say Anything Blog

Here are the major issues that I have with gambling online.

1.  It is completely electronic and also completely unregulated.  This is essentially Enron waiting to happen.  Because payouts and all of the financial transactions occur overseas, there is no recourse for a company committing fraud and not paying out or manipulating the games.
2.  Access for minors.  At least with casinos, we can keep gambling out of the hands of minors.

If we regulate alcohol and tobacco, we need a strategy to keep internet porn and gambling away from kids too.

That being said, before we say we are going to regulate the Internet, someone might want to figure out if it is possible or not.  And the answer is probably not.  So the bill has a good aim, namely to regulate an industry that really needs some form of regulation, but fails to account for the fact that it is impossible.

I am as Libertarian as they come and hate government interference in our lives, but the very nature of banking transactions into and out of foreign countries for the purposes of gambling on completely unregulated sites certainly falls under the roles and responsibilities under Interstate Commerce that our government has.  The stock market has some oversight as do state lotteries.  But the very nature of gambling is to extract money from one person and give it to another while skimming some off the top for the person who brings them together.  If the other better and the transaction broker are foreign and not subject to any kind of standards, these sites are effectively siphoning money from those folks that play on them.

That is not an invitation to ban the entire industry, but rather an opportunity to encourage the major players in the industry, namely the casinos to operate their web gambling businesses in such a way that they are transparent and have some industry oversight.  My justifications are not for a ban, but rather for the government to force oversight onto the industry (even if by the industry themselves).  Find a way to stop minors from gambling, etc.

you know damned good and well that if Vegas could allow 10 year olds to gamble at the tables, they sure as hell would if they thought it was profitable.  By banning this, we effectively lose all opportunities to work with the industry to get them to self regulate.  And for that reason the law is retarded.

Justin:
I say ‘Caveat Emptor’.  I’m not a gambler, but I don’t see why the government needs to get in the act.  You can screen out minors by requiring a credit card. (Ok- they might use Mom or Dad’s, but not for long!)
I’d like to see it taxed too.

It is completely electronic and also completely unregulated.  This is essentially Enron waiting to happen. 

Not really Justin most countries that host books regulate them in some way. The enron referance is a bit of a stretch also for a variety of reasons.

One thing to note here is that the sportsbook industry in Costa Rica, for example, is looking to legitimize. They want to stay in business, they want to be respected and trusted. Cheating people is not the way to do this and the crap books that used to exist down there 10 years ago no longer do. Sure there are a few shisters around but what business doesn’t have at least a few? even with regulation up the ying yang it didn’t stop ENRON in America. Besides just because big brother isn’t watching somebody doesn’t mean they are going to rip you off my “Libertarian” friend.

But the very nature of gambling is to extract money from one person and give it to another while skimming some off the top for the person who brings them together.  If the other better and the transaction broker are foreign and not subject to any kind of standards, these sites are effectively siphoning money from those folks that play on them.

huh? Once again you are assuming the worst I think. Like I said these businesses want to be “in business”. A cheated customer probably costs a sportsbook 20 new customers. Should it be regulated? YES! The country they exist in should keep an eye on them through some sort of licensing. But c’mon man! It really all comes down to a person having a choice. If the place throws up some red flags then take your money to a place thats been around for a while and has a good rep! The same goes for any product out there regulated or not!

The bottom line here is that Frist is looking for something to be remembered by and possibly trying to get some votes for a presidental run. I can think of a dozen ways for people to wager online without the gov knowing about it and banking is really a not an issue for books that run on credit (local bookie pays and collects).  So the whole thing is total crap and a waste of time who’s cost will ultimately be passed on to your local joe shmo with a checking account.

I was a conservatist, republican voting person until yesterday. That move he pulled along with foley’s antics have moved me into the “time for a change” crowd. As if Bush wasnt enough. These guys are idiots and shouldn’t be in a position to make any decisions that affect you or me in any way.

I might even vote for hillary now.

Is this strictly a credit card law?  Or is it all internet gaming.

Because take away the credit card angle and internet gaming because a lot harder to abuse.

If credit cards were banned you’d have to deposit funds with them to play with.  I don’t see a person deposting all that much money.

Las Vegas made themselves what they are by providing a clean fair game.  The house doesn’t have to cheat to make a profit.  I’d imagine that internet gaming would be much more profitable as you don’t have to hire many people, provide free drinks, and build a pretty nice barn to gamble in.

What’s going to happen to US industry when the global warming extremists like John McCain double the price of electricity?  I would think all these factories will close and set up in countries where they aren’t scared of technology.