Reid's online poker bill...

[Talking Poker]

I was gone on a cruise for 5 days and came home to find all sort of craziness going on. In case you hadn't heard, Harry Reid, a Senator from LV has put together some legislation to license and regulate online poker in the US.

The legislation is still a draft and is changing daily, but it sounds like there is a very good chance it will be attached to a bill that extends tax cuts and will be passed, ironically, much like the UIGEA was in 2006 when it was attached to the safe Ports Act.

A few highlights, as I understand them:
-States would have to opt-in
-Sites would be for US players only for at least 3 years
-There would be a 15 month period of NO legal online poker before any licenses are issued
-Stars/Full Tilt would have 30 days to pull out of the US market if they wanted to have any chance of getting a license and would then have to wait an additional 2 years after the 15 months before they could reopen to US players

This is the most


Decent summary of the latest stuff:


2p2 thread:


My take... I'm pretty torn on this right now. While I'm not sure that the status-quo is sustainable for online poker, I think this legislation would be a serious blow to the online poker community. Many people are calling it the lesser of two evils and saying it's better than nothing, etc.... but frankly, I'm not so sure.

[Kurn]

I am sure. This bill sucks. Stupid protectionist crap.

[stormswa]

I have been talking this over with my friend at work, although im not great on all this political/legal stuff here is my take.


-Stars/Full Tilt would have 30 days to pull out of the US market if they wanted to have any chance of getting a license and would then have to wait an additional 2 years after the 15 months before they could reopen to US players


this part sucks. Im guessing Party Poker would love this seeing as they would be a frontrunner and I doubt the players would want to go back to FPT and Stars after being at party for so long. I also heard that the money would be double taxed for us, would be taxed when we put it on and when we withdraw.

It would be a nightmare with all the withdraw that woud take place and I just hope they dont pull a jetset poker and not pay some people.

[melioris]

I think this post is a read for US player with money on a site right now. The poster is a well informed mod in the Poker Legislation forum at the other site. In the past his information has been valid and his source is a fairly high up person in one of the two big sites.

[stormswa]

yea just like what Jetset poker did, they paid out some people but there is a lot of people that didnt get their money. And they were a basic mom and pop site with very little on. I mean there you would be lucky to find one 5/10 game imagine the amount thats on stars or FTP though. Even if like a small portion of those big players dont get their money that is a huge ass amount. I would really be worried about people with a lot of money on stars or tilt right now and honestly I suggest just keeping the minimum you need to play the games your playing.


there is some posts for PPA rep in this thread