NY Post source: A Reid bill will be introduced by end of session; Kyl may co-sponsor - Page 4 - Poker Legislation

LetsGambool · 11-17-2011, 02:21 PM

Quote:

Originally Posted by CountingMyOuts

If Kyl is a sponsor, I would have to think that part of the deal will be to give UIGEA much more teeth in the bill. He'll want the "death penalty" for sports betting and non-poker casino gaming.

Also poker in opt-out states.

CountingMyOuts · 11-17-2011, 02:36 PM

Quote:

Originally Posted by LetsGambool

Also poker in opt-out states.

Agreed, good point.

DonkeyQuixote · 11-17-2011, 02:45 PM

Quote:

Originally Posted by LetsGambool

The $50MM is a head scratcher, we were trying to figure that out yesterday in my shop. Dont need it for any bank covenant reason or anything, can tell you that with 99% certainty. If i-poker was going to be happening with certainty they'd be going for a much bigger number than $50MM. Equity is an option at this point, it creates a tradeable option I guess?

No one smart is going to touch the common, so curious where it gets placed.

Thanks for the insight, some sort of debt-related motive was my initial speculation. I'll take your word that it is not bank related.

Any idea if there is some management compensation issue, then, perhaps ? (Perhaps a bonus if there is an IPO by Dec 31st, loss of bonus if there is not, or compensation term payable in equity ?)

I would be interested in how an option would be priced, compared to the offer price, a decent proxy for legislative prospects I'd guess.

(Keep in mind that Caesars would be the biggest beneficiary of State legislation rolling out, as they are in more States that anyone and all the key States.)

lilprog · 11-17-2011, 03:01 PM

Corrupt politics got us into this mess, and corrupt politics is going to get us out. I think Reid showed his hand too early last time and it hurt the bills chances, this time hes been very quiet as the chess pieces have been moved into place. If anything is clear from whats happening in these hearings so far its that shifts in the views on internet poker have shifted without us seeing anything to give reason for that. Clearly things have been going on behind closed doors.

As of right now what we know could certainly lend some very cautious optimism, but I am fairly confident that a lot of things have and are continuing to go on behind the scenes that we do not know about. there is so much money behind this, It`s frankly shocking that it`s taken this long.

A year ago nevada had no regulatory infrastucture, and the AGA was not an advocate. Both are VERY key seats in tomorows hearing.

**PokerXanadu** · 11-17-2011, 04:26 PM

Quote:

Originally Posted by Berge20

There simply isn't time on the Senate calendar for an item like this prior to 2012 at this point for those thinking it can happen before the end of this year.

Any other effort to assign a % chance of success for a non-defined proposal is just picking numbers. My personal view (potentially cynical, although I prefer realistic) is that is significantly less than some of the numbers tossed out. I mean, almost no bill has a 75% chance of becoming law. Especially not some relatively niche issue that will (with our without Kyl) likely have significant opposition from many camps.

That said, as always, everyone who wants to see iPoker regulated/"legalized"/etc in some capacity should continue to press their elected officials both in Washington (federal solution) and in their own states (intrastate solution).

If it has enough bi-partisan and leadership support, it can always get attached to something or other that is getting a vote.

**Berge20** · 11-17-2011, 04:47 PM

Again, I don't want to be overly negative. Just trying to give my perspective. And I so hope I'm wrong....

Sure, it can get attached with enough support. Even assuming that's the case (which is debatable), the question that I usually end up at is it enough a priority for supporters to push though the procedural cost (in time/days/weeks) that it would take and/or cause.

Given there are 3 weeks (4 absolute max) left after this one (next week is Thanksgiving) before they shut it down for the year, I just don't see it being that type of priority when it causes a big stir (and it will, regardless of what Kyl does) and considering what's left to do prior to end of the year.

Pre-2012 just isn't feasible.

**sajeffe** · 11-17-2011, 07:31 PM

Quote:

Originally Posted by kennabot

Would make sense Kyl getting ready to retire works on a "ghost bill" for online poker. Meanwhile he and Reid downplay the possibility of online poker. Meanwhile Ceasers issues an IPO that Kyl and freinds buy into. They pass legislation that stands to help make Ceasers a lot of money. Stock goes up Kyl has plenty of money for retirement. Ez game.

This needs some love. (Bet Spencer Bachus would be looking for a few of those IPO shares, too.)

ScreaminAsian · 11-17-2011, 07:53 PM

well lets hope they don't fix that insider trading rule until the poker thing goes through.

**sajeffe** · 11-17-2011, 08:01 PM

Quote:

Originally Posted by ScreaminAsian

well lets hope they don't fix that insider trading rule until the poker thing goes through.

Haha. I was thinking the same thing.

DCal Zone · 11-17-2011, 08:11 PM

The article says that there is a 50% chance it is passed by Congress by the end of the year. I'll give anyone 2-1 on up to $100k that it doesn't. PM me if you're interested.

The Outsider · 11-17-2011, 08:27 PM

Ah can I get a ONE TIME!

**TheEngineer** · 11-17-2011, 10:28 PM

Quote:

Originally Posted by LetsGambool

Also poker in opt-out states.

True. There will be plenty for all of us to do if legislation passes. We'll want to push opt-out states to opt in, as well as seeking better tax treatment.

PPA sent out an alert on this a couple of weeks ago. Here's the Kentucky version:

Quote:

Dear Rich,

Washington, D.C., is all a buzz after last week’s poker hearing where PPA Chairman Former Senator Alfonse D’Amato explained why the U.S. Government should step up and protect consumers’ rights by licensing and regulating online poker. A likely precondition of any bill Congress passes will be the ability of states to opt-out or, in other words, not allow their states’ residents to play online poker.

We need to continue paving the way so that Kentucky makes the right decision to allow you the freedom to play online. Please contact Governor Steven Beshear and explain that you want the right to play poker from the comfort of your own home. Please take a few minutes to take these three important actions:

Email Governor Steven Beshear a pre-written, fully editable letter. To read and send the letter, simply click here. It takes just 30 seconds!
Send Governor Steven Beshear pro-poker Twitter messages:
- Twitter: Click here to send Governor Steven Beshear the following prefilled, editable tweet:
  "Please support federal licensing of Internet #poker. It will create jobs & revenue for Kentucky & protect consumers."

Please do not delay in sending these very important messages today! Lawmakers are hearing from our opposition, so it is imperative that Governor Steven Beshear hears your point of view. Thanks!

Proud to play,

Rich Muny
Kentucky PPA State Director

Curtlow · 11-17-2011, 11:37 PM

When's the latest Reid could introduce this bill for it to have a chance to pass this year?

ScreaminAsian · 11-17-2011, 11:38 PM

Quote:

Originally Posted by Curtlow

When's the latest Reid could introduce this bill for it to have a chance to pass this year?

well, out last real shot, last year, we got this thread on dec 2. so last time it was about 4 weeks.

and last year, these things were being said:

Quote:

Originally Posted by PokerXanadu

Note: These answers are based on the most recently publicly available draft of the Reid bill. The final bill may contain some differences.

When will this bill be voted on?

We don't know yet when, or even if, this bill will be up for a vote. Senator Reid has been expected to attach this bill to some other must-pass bill during the lame-duck session of Congress this month. It takes a lot of political maneuvering to accomplish this and it is unclear yet whether or not he will be able to do so. The three likely bills that might be used are the Bush tax-cut extensions, the omnibus spending and the defense budget bills. The attachment and vote is likely to take place in a very short period ot time, making it likely that we will have only hours warning, if any, to know the final wording of the bill before it is passed.

DrewOnTilt · 11-17-2011, 11:39 PM

Quote:

Originally Posted by Curtlow

When's the latest Reid could introduce this bill for it to have a chance to pass this year?

12/30. There is no ticking legislative clock for this year, so bills won't die if they don't pass before the year is out. The current Congressional session doesn't end until 12/31/2012, at which point any bills that have not passed will be dead.