BUSINESS AS USUAL AT CARIB 8/4/03 - Stephen Nover
Good read by Nover here...
http://www.therx.com/nm/templates/article.asp?articleid=1133&zoneid=2
It was a bad weekend, and not just because the Jets didn't cover the spread.
The Senate joined the House in creating a bill that would prevent the use of credit cards, checks and electric fund transfers for Internet gambling. Word also surfaced that the Internal Revenue Service is investigating Carib Sports Book & Casino. Federal prosecutors in Pittsburgh seized more than $1.6 million from three men accused of running offshore gambling business in Antigua, Belize and the U.S., including Jon Rogers, who was an oddsmaker for Carib.
What does all this mean?
In the case of Carib, it's business as usual. This negative publicity sure doesn't help, especially with the realization that if any federal investigation is launched it could mean the government trying to obtain Carib's customer list.
But it's not like Carib, whose owner is a pioneer in the offshore field with an excellent reputation for paying customers, is going to be in any serious jeopardy having $1.6 million tied up.
According to a published report, federal agents seized more than $1 million that Rogers had stashed away in various safe deposit accounts in his home state of Ohio. Considering the U.S. mentality of "guilty until proven innocent" when it comes to Internet sports betting, one must wonder how an American involved in the industry could have that kind of cash lying around in safe deposit boxes.
Bigger bettors and professionals know there are two important things - getting paid and making sure the bookmaking operations they get involved with are smart. Smaller players, and those looking just to bonus hop, have to really be on the alert because the best deals are often made available by the weakest operators. Can you trust them to not only pay you, but prevent the "Feds" from finding out about you?
Using the Patriot Act and terrorism as an excuse now, instead of their "Save the Children" routine, the U.S. government seems on the verge of cutting off transfer methods to fund on-line wagering.
By linking terrorism with money laundering, without any proof of any sports betting involvement, U.S. politicians are able to get off better sound bites trying to cloak their own out-of-touch agendas with something that isn't there.
"The way it was before, people who wanted to gamble would oppose the government and people who didn't gamble wouldn't care," one gaming analyst said. "Now they're getting people who don't gamble or care to think about it to say, 'hey look this gambling is laundering money to terrorists.' So they're building a little base of activism.
"The problem is nobody represents the (offshore) industry who can be an effective lobbyist. They (the U.S. government) are fighting foes that can't show up to be a part of the debate."
While eliminating transfer methods could slow the industry, it won't inflict serious damage. Bookmakers just need to move on to new transfer and payment methods, which some are already doing. It's like lowering the speed limit from 70 to 55. You'll still get there, but it will now take a little longer.
There's also the possibility of a backlash coming from the credit card companies and electronic transfer companies against the government for costing them lost revenue.
A backlash against the U.S. government is already occurring with Antigua filing a formal protest with the World Trade Organization. The government of Antigua is saying that Internet wagering isn't a crime wave, but instead a legitimate industry. Many people’s livelihoods depend on it.
Trying to keep Americans from making harmless wagers and enjoying their own entertainment dollars doesn't have anything to do with terrorism. Why is that so hard for some politicians to understand?
Good read by Nover here...
http://www.therx.com/nm/templates/article.asp?articleid=1133&zoneid=2
It was a bad weekend, and not just because the Jets didn't cover the spread.
The Senate joined the House in creating a bill that would prevent the use of credit cards, checks and electric fund transfers for Internet gambling. Word also surfaced that the Internal Revenue Service is investigating Carib Sports Book & Casino. Federal prosecutors in Pittsburgh seized more than $1.6 million from three men accused of running offshore gambling business in Antigua, Belize and the U.S., including Jon Rogers, who was an oddsmaker for Carib.
What does all this mean?
In the case of Carib, it's business as usual. This negative publicity sure doesn't help, especially with the realization that if any federal investigation is launched it could mean the government trying to obtain Carib's customer list.
But it's not like Carib, whose owner is a pioneer in the offshore field with an excellent reputation for paying customers, is going to be in any serious jeopardy having $1.6 million tied up.
According to a published report, federal agents seized more than $1 million that Rogers had stashed away in various safe deposit accounts in his home state of Ohio. Considering the U.S. mentality of "guilty until proven innocent" when it comes to Internet sports betting, one must wonder how an American involved in the industry could have that kind of cash lying around in safe deposit boxes.
Bigger bettors and professionals know there are two important things - getting paid and making sure the bookmaking operations they get involved with are smart. Smaller players, and those looking just to bonus hop, have to really be on the alert because the best deals are often made available by the weakest operators. Can you trust them to not only pay you, but prevent the "Feds" from finding out about you?
Using the Patriot Act and terrorism as an excuse now, instead of their "Save the Children" routine, the U.S. government seems on the verge of cutting off transfer methods to fund on-line wagering.
By linking terrorism with money laundering, without any proof of any sports betting involvement, U.S. politicians are able to get off better sound bites trying to cloak their own out-of-touch agendas with something that isn't there.
"The way it was before, people who wanted to gamble would oppose the government and people who didn't gamble wouldn't care," one gaming analyst said. "Now they're getting people who don't gamble or care to think about it to say, 'hey look this gambling is laundering money to terrorists.' So they're building a little base of activism.
"The problem is nobody represents the (offshore) industry who can be an effective lobbyist. They (the U.S. government) are fighting foes that can't show up to be a part of the debate."
While eliminating transfer methods could slow the industry, it won't inflict serious damage. Bookmakers just need to move on to new transfer and payment methods, which some are already doing. It's like lowering the speed limit from 70 to 55. You'll still get there, but it will now take a little longer.
There's also the possibility of a backlash coming from the credit card companies and electronic transfer companies against the government for costing them lost revenue.
A backlash against the U.S. government is already occurring with Antigua filing a formal protest with the World Trade Organization. The government of Antigua is saying that Internet wagering isn't a crime wave, but instead a legitimate industry. Many people’s livelihoods depend on it.
Trying to keep Americans from making harmless wagers and enjoying their own entertainment dollars doesn't have anything to do with terrorism. Why is that so hard for some politicians to understand?
