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April 1, 2007
Random Thoughts About The UIGEA
It seems that the online poker operators are finally doing what they should have done five years ago, which is throw some money at their legal problems. I don't know why they raked in billions and sat idly by as politicians rallied against their industry. I guess they forgot the old cliché; a lobbyist in time saves nine.
But luckily even now they can still afford nine. I've been reading stories like this about Barney Frank wanting to repeal the UIGEA. It's good to see someone trying, but I'm not holding my breath. Poker players have had their hopes up since the Democrats took power in November, but the reality is that they've been almost as opposed to online gaming as Republicans have. Bills prior to the UIGEA showed a high level of support for an internet gambling ban among both parties. Democrats just never made it a priority, as it didn't really help endear them to their base like it did for Repubs.
I don't really have any idea whether or not Frank will be able to do anything about the UIGEA, but it seems like an underdog. Still it's better than nothing. And it is nice to see that the PPA hired Alfonse D'Amato to help with lobbying efforts. I don't know much about him, other than that he has a high profile name, but I can't imagine having him on your team could possibly hurt.
I'd really like to know where Harrah's, MGM, and others are sending their lobbying bucks these days. I'd have to think Harrah's is in favor of online gaming, as I shudder to think how few people will attend the WSOP this year without online entries. Poker is big money nowadays.
On the plus side, it is good to see Neteller's business swirling down the drain. At first I felt bad for the company. They'd spent years building a legitimate, solid business. But since the troubles began they've treated U.S. customers with nothing but contempt. You can't get a phone call through to them. You can't get a response to an email. They don't bother to inform us what's going on with our money, and they don't seem to be in any hurry to pay us either. I'm glad to watch them piss their company away. I just hope I get my money back.
Now they're pulling the plug on Canada too. And I have to think their antics have run off customers even in the markets they still serve. Their share price is still frozen, which I cannot believe. I don't even know why the exchange would allow that. They're only forestalling the inevitable. They can't hold it forever.
I'm still interested to see what payment service takes their place. For some reason ePassporte continues to be treated like a redheaded stepchild by poker rooms. Deposit limits are low, even if, like me, you've used the service frequently. The sites seem loathe to increase them. People complain that ePassporte has ridiculous load fees. I wouldn't know because I never really put any money in there the conventional way, but if that's true it's probably something they should fix. I have a feeling that they're charging poker rooms and players so much that they're pricing themselves out of becoming the default payment processor. Maybe all those extra fees make up for the reduced volume they could be processing, I really don't know.
Either way, I think someone could make a nice chunk of money starting a little site to trade chips on sites for a small fee. I.e. you pay me $100 on Full Tilt (or PayPal even) and I'll pay you $95 on Stars. As an American, I'm not touching that one with a ten foot pole, but if I lived in the U.K. I probably would.
Posted by themaroon at April 1, 2007 8:11 AM
Comments
Rep. Ron Paul (R) TX is joining Barney Frank in attempting to repeal the UIGEA. He's ostensibly a republican, but his ideology (and voting record) is libertarian (he is well versed in Austrian economic theory). He has also entered the 2008 presidential race.
...I'm not holding my breath either, mind you.
The website isn't great, but you can find out more about him at: www.ronpaul.org (link through to the 2008 campaign page)
Posted by: Adam at April 2, 2007 7:47 PM
http://www.opensecrets.org/politicians/contrib.asp?CID=N00003147&cycle=2000
According to the above web site Harrah's has been sending money Frists way. The rumor is that US based casinos want the overseas sites gone so they can take over the market.
If this is the case, I hope they hurry up and get it done so that the casual US gambler will have a place they feel comfortable depositing money.
Posted by: Alan at April 2, 2007 10:41 PM
Long time reader first time poster.
"I wouldn't know because I never really put any money in there the conventional way, but if that's true it's probably something they should fix."
How exactly do you put money into your epassporte account?
Thanks and good day.
Posted by: Mike McKim at April 3, 2007 1:58 AM
I read a few articles about it, even one quoting your blog (http://www.pokerstyle.org/online-poker-caught-by-surprise.html), but no matter what opinion you have It wont help them, UIGEA will stick !!!
Posted by: Qween of hearts at April 5, 2007 11:26 AM