Party Poker is Closing its doors

[jiwq]

So what do you guys think? Is it worth it to buy stock in internet gambling sites in hope that prohibition will go away, and as a result, a surge in stock price? Or is that an unlikely scenario...

 

[dxkj]

Originally posted by: ElFenix

Originally posted by: BlackR
I hate that Bush/Government is canceling online gambling
Stupidest thing ever

it was already illegal.

and it's the casinos that are doing it. harrahs can't make as much money because, if you can gamble at home, why bother driving 600 miles to vegas or new orleans or atlantic city to do so?

It was already illegal? Might want to double check that. It is a very gray area that isn't clear cut.

You are supposed to report winnings on your taxes, but the US does not have rights to force poker sites in other countries to report winnings to them. This means the US misses out on tax money. Boohoo. I report my winnings/losses honestly so I really don't matter in that sense.

 

[dxkj]

Originally posted by: FoBoT
there is no way around it legally, the feds will get them all

Care to expand on this? The Feds will get them all? As in the US government will go over and beat on UK based sites, Jamaican based sites, Aruba based sites?

I don't see your point.

 

[Schadenfroh]

They are closing because Washington is unable to effectively tax internet gambling.

 

[dxkj]

Originally posted by: jiwq
So what do you guys think? Is it worth it to buy stock in internet gambling sites in hope that prohibition will go away, and as a result, a surge in stock price? Or is that an unlikely scenario...

How ironic Gambling on gambling websites stock.

If i knew the answer to your question, I would either have a lot of PP stock right now, or none.

Partygaming stock dropped from 120's down to 40's.

 

[ElFenix]

Originally posted by: dxkj

Originally posted by: ElFenix

Originally posted by: BlackR
I hate that Bush/Government is canceling online gambling
Stupidest thing ever

it was already illegal.

and it's the casinos that are doing it. harrahs can't make as much money because, if you can gamble at home, why bother driving 600 miles to vegas or new orleans or atlantic city to do so?

It was already illegal? Might want to double check that. It is a very gray area that isn't clear cut.

You are supposed to report winnings on your taxes, but the US does not have rights to force poker sites in other countries to report winnings to them. This means the US misses out on tax money. Boohoo. I report my winnings/losses honestly so I really don't matter in that sense.

story from 2005 about how internet gambling is illegal

 

[dxkj]

Originally posted by: KLin
They made their money. Why bother continuing business if/when this bill is passed?

....

They made their money.... so lets stop making money?

Doesn't make a lot of sense, and if you read their press release they intend to keep going but focus on their non-US playerbase.

I can tell you, that the few sites who find ways around this and aren't bullied by this law will take a large share of the market.





The simply obvious solution to foil the law is this....

1- Send my money to an entity out of the country from my bank, non gambling related.
2- Have that entity send money to a poker site I play at
3- ? how hard was that ?

Now if this law said that it was illegal to play online gambling and that the government would be tracking down IP's and making arrests, it would be completely different. Instead they are trying to kill the Big Bear by cutting off the supply of Fish and starving it to death.

 

[ponyo]

Don't worry. Internet gambling is a $20 billion dollar market. People will find ways around it. Too much money to be made not to.

Read the Robert Cringely article I linked.

 

[dxkj]

Originally posted by: ElFenix

Originally posted by: dxkj

Originally posted by: ElFenix

Originally posted by: BlackR
I hate that Bush/Government is canceling online gambling
Stupidest thing ever

it was already illegal.

and it's the casinos that are doing it. harrahs can't make as much money because, if you can gamble at home, why bother driving 600 miles to vegas or new orleans or atlantic city to do so?

It was already illegal? Might want to double check that. It is a very gray area that isn't clear cut.

You are supposed to report winnings on your taxes, but the US does not have rights to force poker sites in other countries to report winnings to them. This means the US misses out on tax money. Boohoo. I report my winnings/losses honestly so I really don't matter in that sense.

story from 2005 about how internet gambling is illegal

But MGM/Mirage is shut out, because the government says a law banning sports betting over the phone also bans all gambling on the Internet.


So the law is that phone betting is illegal, and they imply that since over the phone is illegal then internet must be as well. Not sure about you, but I dont use phone lines anymore for my internet connection

There aren't arrests because the law isn't strong enough to say that internet gambling is illegal.

 

[dxkj]

The doors are now closed...