~~Great Article On Legalizing Sports Betting~~

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Gambling in Delaware is a sure bet


To me, the United States gets more and more conflicted. People argue whether we're a center-right or center-left country. But suppose there's no center anymore, so we're just center-less?

Nothing illustrates this, our national ambiguity, more than the issue of sports gambling. Granted, in a time of economic distress and war and declining ratings for American Idol, betting on sports is not a pressing concern upon the republic ... but it is illustrative of our contradictions and, well, our hypocrisy. In this two-fisted land, where "Put your money where yer mouth is" and "Wanna bet" and "Put up or shut up" are among the first expressions that real boys learn, we actually remain backward and tormented about gambling.

The U.S. is, for example, the veritable capital of cyberspace, but we've been found to be in violation of World Trade Organization obligations because we, almost alone amongst civilized nations, prohibit internet betting.

Or consider the great little state of Delaware, where new legislation would allow sports books to operate -- a distinction now owned only by Nevada. The nerve of Delaware -- it's caused an absolute conniption fit amongst sports organizations, especially the National Football League.

My gracious. Everybody knows the NFL is the most popular game to bet, with billions wagered illegally on point spreads. Why would you be against letting folks bet legally rather than with the mob -- especially in these parlous times? Delaware can make more than $50 million a year in taxes from sports books. Moreover, it's estimated that the U.S. will give up $52 billion in the next decade if we continue to prohibit betting on the internet. In sensible recognition thereof, Congressman Barney Frank, one of the few grown-ups in Washington, will soon hold hearings on his bill to bring the United States up to modern speed by legalizing internet gambling.

But then, it's no wonder the WTO still thinks we're goofy. Why should only one state out of 50 offer legal sports betting on human beings? Why should betting on four-legged creatures be allowed, but wagering on our fellow upright athletes be a sin? Why do we condone lotteries and slot machines, which are, essentially, devices regulated to tax poorer citizens, while denying sports betting, which requires at least a smidgeon of intelligence?

And talk about two-faced. At the same time that the NFL is trying to influence the Delaware Supreme Court to limit sport wagering, the league has urged its franchises to make money licensing their team logos to state lotteries. The Washington Redskins have already signed a deal with the Virginia lottery. I see, betting is just fine with the NFL when it gets a cut.
Of course, honesty compels me to acknowledge that there is a personal reason why I want bettors to have a chance to wager in Delaware. I met my wife there. Trust me. It's a place where you can make a good bet.
 

Almost Geraldo
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Moreover, it's estimated that the U.S. will give up $52 billion in the next decade if we continue to prohibit betting on the internet. In sensible recognition thereof, Congressman Barney Frank, one of the few grown-ups in Washington, will soon hold hearings on his bill to bring the United States up to modern speed by legalizing internet gambling.

Its poker and casino games he is trying to legalize. He is actually trying to completely get rid of online sports gambling.

From the FAQ section of the HR 2268 writeup on the safe and secure internet gambling initiative website:

If these two bills pass as they are written right now, there will be a 50% fee on any deposits to "unlicensed internet gambling operators" (AKA Online Sports Books), to deter you from being able to gamble online on sports.

Thus the bills are pro online poker and anti online sports gambling, unless they change the language, which the PPA claims they are trying to get done.
 

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Its poker and casino games he is trying to legalize. He is actually trying to completely get rid of online sports gambling.

From the FAQ section of the HR 2268 writeup on the safe and secure internet gambling initiative website:

If these two bills pass as they are written right now, there will be a 50% fee on any deposits to "unlicensed internet gambling operators" (AKA Online Sports Books), to deter you from being able to gamble online on sports.

Thus the bills are pro online poker and anti online sports gambling, unless they change the language, which the PPA claims they are trying to get done.


What in the hell are you talking about???


:think2:
 

Almost Geraldo
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What in the hell are you talking about???


:think2:


http://www.safeandsecureig.org/media/mcdermottfaq09.pdf

"Does this bill impose any taxes on individuals?

Individuals would be required to pay annual income taxes on their net winnings, just like players who collect winnings in land-based casinos do today. Individuals who place bets with licensed Internet gambling operators would not have to pay any new taxes on funds deposited. However, individuals that deposit funds into accounts with unlicensed (“illegal”) operators will have to pay a fee of 50 percent of their deposit. The fee is intentionally considerable to deter individuals from gambling with unlicensed regulators."
 

Almost Geraldo
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If you want to navigate to it yourself, go to this site.... http://safeandsecureig.org/

Click on legislation at the top, scroll down to the FAQ of HR 2268 and click on it. The quoted question is on the first page of the PDF file.

This 50% BS is put in there to deter people (from gambling offshore) who live in states that choose to opt out from participating in gambling on anything online, and to deter all of America from gambling in an online sports book. WE DO NOT WANT THIS LEGISLATION PASSED UNLESS THEY TAKE OUT THE 50% FEE CRAP. The PPA wants it out so people in opt out states can continue playing poker online without worrying about owing the IRS 50% of what they deposit every year. Online sports gamblers should want it taken out so they won't owe the IRS 50% of every cent they deposit (to offshore sportsbooks) every year as well.

We should want the language taken out of the bill, or we should want the bill to fail.
 

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there is no way to collect the 50%
since the sportsbooks are not licensed why would they pay
 

Almost Geraldo
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Its not the sportsbooks that owe it, it is the gambler. And its just like taxes, you could choose to not pay it but if you get audited you will be screwed. And something tells me if they pass this legislation they will be enforcing the rules.
 

Almost Geraldo
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The bill has a website and a FAQ that I posted above. It says this word for word:

"individuals that deposit funds into accounts with unlicensed (“illegal”) operators will have to pay a fee of 50 percent of their deposit. The fee is intentionally considerable to deter individuals from gambling with unlicensed regulators."

What part of that do you disagree with? It says individuals that deposit into accounts with unlicensed operators will be required to pay 50% of their deposit.

That is of course if the bills pass (which they probably won't) and if the language stays the same. Many people are lobbying to have the quoted language taken out.

I quoted it above, if you disagree with it then what source are you using to disagree with me? Also how do you translate the law and what is stated above?

I'm not saying you are wrong, but if you disagree then please tell why and where you get your information.
 

I'll be in the Bar..With my head on the Bar
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All the offshores could become licensed if they wanted to....that fee would be a 5% tax on TOTAL deposits from Americans every month. However it doesnt stop there, that just makes them legal to do buisness IN A STATE WHERE IT IS LEGAL....It doesnt give them carte blanche to operate in the u.s.

A state wanting to legalize it would then make their OWN tax to pay for REGULATING the book and from what i can understand each state would have their own regulations...Meaning a book will have to pay on a state by state basis to accept U.S. customers....and ofcourse there would be 50 different tax rates and 50 different sets of regulations......

The above 50% is only if they continue to accept wagers from Americans AFTER it is legal to do so with a license....

Ive told ya since day ! when the govt got in to this it would be a disaster and thats obvious to the most casual observer now....Just to pay taxes a book will have to deal probably -135 lines or higher.....Welcome Back to Pinnacle Sports Home of the -155 line !!!!!!! Dig in Boys......
 

Almost Geraldo
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PPP I understand that they have to pass the laws first for the 50% to kick in, and I said above that I don't think hr 2267 and hr 2268 will even pass.

But if the bills (hr 2267 and hr 2268) do happen to pass and somebody gets the wild idea to try to get a license for an offshore sports book, the wire act and the pro and amateur sports protection act of 1992 will keep anyone from being able to get a license for an offshore sports book. I don't even think Nevada or Delaware could get offshore sports books licensed because of the wire act being applied to the internet. They could maybe do in-state internet sports gambling but that is another story. I am talking about offshore online sports books.

You can forget about offshore sports books ever being licensed (in the near future). Therefore they will be considered "illegal" and the 50% will kick in. The current bills (hr 2267 and hr 2268) are for POKER AND CASINO ONLY.

Now offshore poker sites and possibly offshore casino is a different story all together. Offshore poker sites and/or casino's could possibly be able to get licensed. That is a real possibility.

But not offshore sports books. That will not happen in the near future. That is why we as sports bettors need the 50% language taken out. If that doesn't happen then we have to hope that the bills don't pass at all. I don't want that 50% thing hanging over my head every year when I go to file my taxes.
 

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