Regs Are Out, Great... English Please...

JimmytheHat19 · #1 10-02-2007, 08:36 AM

I'm just a simple guy. A simple guy who plays a ton of poker online nearly everyday of the month. Online poker is very important to my financial stability and I would be absolutely devastated without the checks I receive from my poker site and cash at my bank. Things are running very smoothly right now. Since the Neteller debacle/scare back in January I have been closely following the progress of the release of the dreaded regulations of the UIGEA here on 2p2 and also on the site http://www.compatiblepoker.com/usa.php#uspokerdates. I commend everyone involved with these two sites for their efforts in finding, processing, and presenting all the information about all this. Honestly, it helps me sleep better at night knowing whats going on. But now that the regs are out I need to know what they mean. I honestly can't figure out most of what you guys are saying from the recent threads and I would appreciate it if someone like TheEngineer could put this all into simple terms for me to understand exactly what impact these regs will have on my life. From what I can decipher so far, they don't seem to be all that bad. But what I really wanna know is, will I always be able to get money off the site and into my pocket about as easily as I can now? Also, will the casual American poker player always be able to deposit funds onto the sites about as easily as they can right now?

I apologize for the length of this question but thats how important this is to me.

PLO8FaceKilla · #2 10-02-2007, 09:18 AM

I have no clue what they are saying either. I have a hard time believing that the people are typing fully understand either (no offense to them). it's just incredibly confusing.
I would LOVE it if someone could answer these questions:

1.) When will these new "regulations" start?
2.) I have a check on the way, should i be worried about cashing it?
3.) Are these regulations going to impact all states the same way

Uglyowl · #3 10-02-2007, 10:44 AM

[ QUOTE ]
I have no clue what they are saying either. I have a hard time believing that the people are typing fully understand either (no offense to them).

[/ QUOTE ]

The government doesn't fully understand, so the best we can do is speculate and try our best to read between the lines. You are not going to get a definitive answer at this point.

DeadMoneyDad · #4 10-02-2007, 10:56 AM

[ QUOTE ]
I have no clue what they are saying either. I have a hard time believing that the people are typing fully understand either (no offense to them). it's just incredibly confusing.

I would LOVE it if someone could answer these questions:

1.) When will these new "regulations" start?

[/ QUOTE ]

DEPENDS. 90 comment peroid. Some rule rework time.

Publish a final rule and hope is the current gov't outline.

A year min, IMPO

[ QUOTE ]
2.) I have a check on the way, should i be worried about cashing it?

[/ QUOTE ]

IMPO NO! But be prepared to pay your taxes........

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3.) Are these regulations going to impact all states the same way

[/ QUOTE ]

DEPENDS on the state.

Some states have laws concerning on-lining gambling and may include poker, others are waiting on the Fed Gov't.

Good luck,

D$D<--Not a lawyer. You milage may vary. All entries the property of whomever wants the. Advice you receive is usually worth less than the amount you pay for it. A decisions are final unless my wife objects. ALL opinions are personal and subject to change quicker than ... whatever.

Jussurreal · #5 10-02-2007, 11:44 AM

[ QUOTE ]
I'm just a simple guy. A simple guy who plays a ton of poker online nearly everyday of the month. Online poker is very important to my financial stability and I would be absolutely devastated without the checks I receive from my poker site and cash at my bank. Things are running very smoothly right now. Since the Neteller debacle/scare back in January I have been closely following the progress of the release of the dreaded regulations of the UIGEA here on 2p2 and also on the site http://www.compatiblepoker.com/usa.php#uspokerdates. I commend everyone involved with these two sites for their efforts in finding, processing, and presenting all the information about all this. Honestly, it helps me sleep better at night knowing whats going on. But now that the regs are out I need to know what they mean. I honestly can't figure out most of what you guys are saying from the recent threads and I would appreciate it if someone like TheEngineer could put this all into simple terms for me to understand exactly what impact these regs will have on my life. From what I can decipher so far, they don't seem to be all that bad. But what I really wanna know is, will I always be able to get money off the site and into my pocket about as easily as I can now? Also, will the casual American poker player always be able to deposit funds onto the sites about as easily as they can right now?

I apologize for the length of this question but thats how important this is to me.

[/ QUOTE ]

According to Reuters,

The regulations stopped short of requiring banks to stop checks. So checks will always be allowed. Nothing is set in stone yet because the regulations are not final yet. However from what I've been hearing the regs are full of huge holes and dont have much substance.

In other words I wouldn't lose sleep over this, even the sports gamblers are cheering over these regulations. And poker is definately not as frowned upon as sports gambling.

Lostit · #6 10-02-2007, 12:01 PM

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IMPO NO! But be prepared to pay your taxes........

[/ QUOTE ]

interesting point... why did you say this? Do you think the gov't will be conducting more audits focused on poker players?

DeadMoneyDad · #7 10-02-2007, 01:21 PM

[ QUOTE ]
[ QUOTE ]
IMPO NO! But be prepared to pay your taxes........

[/ QUOTE ]
interesting point... why did you say this? Do you think the gov't will be conducting more audits focused on poker players?

[/ QUOTE ]

In a word: YEP!

D$D<--session by session recording now......

Lostit · #8 10-02-2007, 03:03 PM

any inside knowledge of this or simply speculation?

ZBTHorton · #9 10-02-2007, 05:48 PM

[ QUOTE ]
any inside knowledge of this or simply speculation?

[/ QUOTE ]

It doesn't matter, you should be paying your taxes anyway. It's people like you, who don't pay your taxes, that are the reason the regulations exist in the first place.

CompatiblePoker · #10 10-02-2007, 07:32 PM

[ QUOTE ]
I have no clue what they are saying either. I have a hard time believing that the people are typing fully understand either (no offense to them). it's just incredibly confusing.
I would LOVE it if someone could answer these questions:

1.) When will these new "regulations" start?
2.) I have a check on the way, should i be worried about cashing it?

[/ QUOTE ]

1. There is no actual specified timeframe. To add it up you have.
* 45 days for comment period
* Unspecified amount of time for amending the regulations
* 6 more months for banks to implement after regulations are amended (subject to change via comments during commenting period).

So as you can see, the second variable make it just about impossible to give a true estimate, unfortunately.

2. No need to worry because we're still in the commenting phase.

At the moment, I'm trying to get a gaming professors perspective on this so hopefully we'll have more concrete answers soon. Plus I think everyone is still absorbing the joint proposed rule at this point so opinions are definately varying.