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on 29 November 2012

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Transcript of Poker

A Losing Hand: The Ineffectiveness of the UIGEA and a Proposal for Governmental Regulation The Unlawful Internet Gambling Enforcement Act (UIGEA)
31 USC §§5361-5366 "Unlawful Internet gambling" Skill v. Chance Prohibits accepting bets but not making them Intro: The rise of online poker

Congressional response: the UIGEA

Problems: Ineffectiveness of the legislation

The Solution: Legalize online poker and establish governmental regulation

The Effect: Efficient regulation, consumer protection, and significant financial benefits for the states and federal government 2003: Chris Moneymaker wins WSOP

Texas Hold'Em: explosion of popularity Gambling: historically regulated by states
Wire Act
Travel Act
Illegal Gambling Business Act
But most online poker websites are located offshore The Rise of Online Poker Congressional Response Options for legalizing: Industry self-regulation
Governmental regulation Federal Government Regulation Legislative Proposal 2. Oversight and Licensing: The OOPO 1. Narrowly-tailored language Texas Hold'Em
Cap on buy-ins Office of Online Poker Oversight: rulemaking power
Licensing Program
Charge user/licensing fees
Can bring enforcement actions 3. State Opt-Out Provisions All states automatically opted-in
Opt-out provision only as a "last resort"
Specific action: vote by legislature and/or consent of the governor Limiting state control is OK because of the Dormant Commerce Clause 4. Taxation and Revenue Sharing Federal Income Tax Code & Federal Excise Wagering Tax
Licensing/user fees from OOPO
% of taxes share between federal government and the states Benefits: Eliminate inconsistencies from state laws
Will allow all states to benefit equally
Likely to gain support from legislators because: Revenue sharing is a financial benefit
Narrow definition of what is legalized means
more likely support from legislators who would otherwise
be morally opposed to gambling in general
Streamlined regulation, licensing, monitoring, and enforcement by one agency Types of Poker: Draw games
Stud games
Community card games Casino v. card room Cash games
Tournament style Online: Deposit $ into account in exchange for virtual poker chips
Websites make $ same way as regular casinos: through a "rake" or entrance fees for tournaments Credit card money transferer online poker account
Full transcript