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Reuters: Full Tilt Poker, Pokerstars and Absolute Poker charged with illegal gambling

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04-16-2011 , 08:08 PM

#4351

asthenic

enthusiast

Join Date: Mar 2011 Posts: 84

i really cant believe they would seize a small operation like wombatpoker.com ... doesnt make sense to me this is BIG!!!

04-16-2011 , 08:08 PM

#4352

syl3

stranger

Join Date: Feb 2010 Posts: 6

This has happened to sports betting years ago, and you guys didn't see it coming?

Serious websites will pay you back, the ones that can't afford to pay out all the americans will just say your DOJ is ****ing us, so we will **** you back.

04-16-2011 , 08:08 PM

#4353

888star1

centurion

Join Date: Aug 2008 Posts: 134

Quote:

Originally Posted by Free Huggs

So do you believe that an immigrant worker earning say $1500/month that ships $10K a year back to their home country is economically advantageous? For whom? This might be an unintentional red herring, let me refocus my point;

non-pro poker players are using 'expendable income' for 'entertainment' on a non-taxed and non-regulated activity. Further, US dollars are flowing from a company, to an employee, being deposited on foreign websites, and (sometimes) being lost to foreign individuals that (often) have no intention of putting the money in to the US economy.

I fail to see how this exchange is favorable for the US as a whole. I think your argument is that the two parties are theoretically benefited by the exchange; I am speaking of the impact to the economy of a nation, and subsequently the impact on the citizens of the nation as a whole.

Thanks for your thoughts.

Your logic is based on the assumption that as a net result players in the US are losing money to other countries mainly europe, and the economy is being 'drained' by unregulated on line poker.

So flip the argument, if it was found that when added up the US winning regs actually won more than the US recreational players lost then the whole system would actually directly benefit america? As "Adam" would now be free to spend all this new found European money in 'land of the free', America?

04-16-2011 , 08:08 PM

#4354

Techno Kid

newbie

Join Date: Apr 2011 Posts: 48

Since there is no money to be made I will get pleasure from some other things - like:

NOT WRITING THAT ESTIMATED TAX CHECK TO THE FED AND TO THE STATE EVERY QUARTER!

My state needs all the money it can get but oh well...

04-16-2011 , 08:08 PM

#4355

excession

veteran

Join Date: Jul 2004 Posts: 2,560

Quote:

Originally Posted by 1938ford

Maybe its semantics, but I think maybe you are confused about what an asset is. If you make a deposit into a bank (or any financial institution in the US) the monies deposited are no longer yours. They are an asset of the bank. The bank makes promises/assurances to you about how they will try to keep your money safe and available to you should you need it, but, your money is now at risk. Should the bank President steal all of the money, or should the bank lose all its assets in a bad investment your money is gone. That is why the US government created the FDIC to insure depositors against a bank failure.

In the case of one of these companies, just like any bank, they have actual physical control of their depositors monies. Your money. They are not in "trust", no matter what the wording of the "regulations" are. They are operating capital plain and simple. They are used every day to settle up. They pay your debts and add your profits to your line on the balance sheets for your account as you win or lose. If your money is stolen by the Company President, or in this case the US Government, it will be gone. Forever? Who knows? The company may have remaining assets to help settle the claims. They may not. Even if these companies are prohibited by "Regulation" from using or taking player monies "Regulations", like laws only keep honest people honest and certainly do nothing to stop the US Government from trying to impose its own will in the matter.

You're wrong and don't understand how trust accounts work under UK/IOM law.
I'm a partner in a firm of solicitors. We hold funds in client account with our bank - but they are held in trust (and in a separate pooled client account) for clients under the Solicitors Act. They are not part of our operating capital. We touch it without client permission and we get struck off and go to jail. If my firm goes bust all the client money is returned.
Banks hold deposits generally as part of their operating capital sure, but IOM online gambling firms cannot under the Participants Monies Regs 2010. They are not licensed as banks.

So unless Stars have been dipping the trust monies (very unlikely IMHO as any officer involved would just get locked up for theft on the next audit) or they have used dodgy banks somehow (again IOM Gaming Commission will have vetted the banks so this seems unlikely) then your money is safe.

Obviously 'safe' is relative, but it's a lot better than when all those Microgaming rooms went under or (i'd guess given its regulatory position and past history) players with funds on UB..

04-16-2011 , 08:08 PM

#4356

shinyshiner

centurion

Join Date: Oct 2008 Posts: 112

Quote:

Originally Posted by PLO_Micro_Donkey

We're talking about a country running an illegal prison in Cuba here.

Cuba's also a pretty good point to bring up for people who doubt the future of online poker outside the USA. That's like a whole country that's been banned by the States that Canadians and others are able to visit with no repercussions.

04-16-2011 , 08:09 PM

#4357

Astericx

newbie

Join Date: Apr 2006 Posts: 19

Let me see if I got this straight:

Is it probable that all american players on these sites have just lost their entire rolls?

04-16-2011 , 08:09 PM

#4358

One Voice

journeyman

Join Date: Aug 2010 Posts: 243

Quote:

Originally Posted by PLO_Micro_Donkey

We're talking about a country running an illegal prison in Cuba here.

Wat! Obama said he was closing that!

04-16-2011 , 08:10 PM

#4359

PLO_Micro_Donkey

journeyman

Join Date: Jan 2010 Posts: 322

Quote:

Originally Posted by 1938ford

these monies are not in any kind of "trust account". They are operating capital plain and simple.

Oh, I'm quite sure Stars keeps its money in a segregated account.

I'm just not sure that's going to mean diddly-squat if the Feds are really interested (and CLEARLY they are).

For example, here's a link to the UBS scandal. Before this, Swiss bank accounts were "safe": http://en.wikipedia.org/wiki/UBS#U.S...on_controversy

However, this settlement set up a showdown between the U.S. and Swiss governments over the secrecy of Swiss bank accounts. It was not until June 2010 that Swiss lawmakers approved deal to reveal client data and account details of U.S. clients who were suspected of tax evasion.

So I wouldn't put too much faith in "but it's the law". Laws can change.

04-16-2011 , 08:10 PM

#4360

mikeynikes

banned

Join Date: Mar 2011 Posts: 360

are any americans playing on UB right now. i am.

04-16-2011 , 08:11 PM

#4361

Derrick Wong

centurion

Join Date: May 2010 Posts: 150

i never sign off my full tilt account and I am still able to sit down at cash games and play sngs.

PS: im in california.

srs

04-16-2011 , 08:12 PM

#4362

vixticator

clutch

Join Date: Jan 2006 Posts: 117,339

i am crushing hu play money

04-16-2011 , 08:13 PM

#4363

Free Huggs

enthusiast

Join Date: Jan 2011 Posts: 64

Quote:

Originally Posted by 888star1

Your logic is based on the assumption that as a net result players in the US are losing money to other countries mainly europe, and the economy is being 'drained' by unregulated on line poker.

So flip the argument, if it was found that when added up the US winning regs actually won more than the US recreational players lost then the whole system would actually directly benefit america? As "Adam" would now be free to spend all this new found European money in 'land of the free', America?

Yes.
idk ask One Voice.

It is not necessarily my belief that it is true that money is leaving the US, I was just considering that if it was true it may provide a very compelling reason for the government to pursue action.

04-16-2011 , 08:14 PM

#4364

Wheel Gunner

temp-banned

Join Date: Feb 2006 Posts: 922

US DOJ = Somali Pirates

04-16-2011 , 08:14 PM

#4365

renkem

enthusiast

Join Date: Oct 2006 Posts: 64

There was just a report that FBI got access to the withdrawal requests on the mentioned sites.

For these requests from US players the money will be freezed and the account holder gets further examination.

Damn...

04-16-2011 , 08:15 PM

#4366

f1asco

centurion

Join Date: Mar 2011 Posts: 104

i recommend all of you take a break relax and watch "just go with it" great new movie with adam sandler and jennifer aniston!

cheers

04-16-2011 , 08:15 PM

#4367

derada4

old hand

Join Date: Feb 2011 Posts: 1,544

Quote:

Originally Posted by renkem

umm...source please?

04-16-2011 , 08:16 PM

#4368

TheDarkElf

veteran

Join Date: Nov 2010 Posts: 2,667

Quote:

Originally Posted by renkem

Don't believe everything you read.

04-16-2011 , 08:16 PM

#4369

Lionel Gravelbones

centurion

Join Date: Nov 2010 Posts: 100

Quote:

Originally Posted by vixticator

i am crushing hu play money

graphs?

04-16-2011 , 08:18 PM

#4370

PositiveAttitude

newbie

Join Date: Apr 2011 Posts: 29

It seems as though online poker will be unavailable to Americans for a while.

Let's use this time to take stock of our lives, and enjoy each day one at a time. We're not going to live forever.

With every "bad" thing that happens to us, let's think: "How can this benefit me?" I took a walk today, and listened to the birds chirping and felt the sun on my face.

Now, I welcome all of you to follow my lead. And I will dispense more wisdom as the need arises.

04-16-2011 , 08:18 PM

#4371

whatsit

centurion

Join Date: May 2009 Posts: 134

why would some idiot register wombatpoker.com just as a joke? way to inspire fear that the other sites are going to get shut down

Domain Name: wombatpoker.com
Registrar: Spot Domain LLC

Expiration Date: 2012-04-16 23:52:38
Creation Date: 2011-04-16 23:52:38

04-16-2011 , 08:19 PM

#4372

alwaysjam

centurion

Join Date: May 2010 Posts: 144

Quote:

Originally Posted by renkem

source?

04-16-2011 , 08:20 PM

#4373

-Insert Witty SN-

Carpal \'Tunnel

Join Date: Mar 2009 Posts: 17,920

Quote:

Originally Posted by excession

ok, but then you're are relying on the competency/funding/execution of the regulators of whom pokerstars is a major source of business

04-16-2011 , 08:20 PM

#4374

Elroch

journeyman

Join Date: Feb 2011 Posts: 279

I have a dream ...

that one day America will be a country free from the tyranny of ignorant, blundering, meddling busybodies motivated entirely by their own aggrandisement.

[and I'm not even American]

04-16-2011 , 08:22 PM

#4375

nonsimplesimon

Carpal \'Tunnel

Join Date: Feb 2009 Posts: 10,174

Quote:

Originally Posted by tekksan

If all your worried about is your ability to logon and play, just get a VPN service that has servers in Europe. There are several providers out there. Average cost is like $8/month and you'll get a European IP address.

Wow what a great idea. Can you or someone else confirm f this service works?

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