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D.C. Think Tank Berates UIGEA, Calls for Its Repeal in 'White Paper'Tue, Apr 1st, 2008 @ 12:00am With the Congressional hearing on the Unlawful Internet Gambling Enforcement Act (UIGEA) scheduled for April 2, the Competitive Enterprise Institute, a conservative Washington D.C. think tank, has come out very strongly against the use of financial institutions to cripple online poker and online gambling in the United States, recommending that the "harmful" law be repealed. The UIGEA has been repeatedly criticized for its unclear regulations and the resulting impracticality of its implementation. Following a study of the implications of requiring the US financial industry to police unclear government enforcement policy on Internet gambling, the Institute warns that implementing the UIGEA could cause damage far beyond its original online gambling target. "The Act seems unlikely to stop Internet gambling and could even threaten the stable, smooth operation of America's banking system," Senior Fellow Eli Lehrer says the opening paragraph of the white paper he authored entitled "Time to Fold the Unlawful Internet Gambling Enforcement Act: A Bad Law with Perverse Outcomes." "UIGEA and its currently proposed enabling regulations will undermine the financial privacy of all Americans and reduce the security of their bank accounts. In short, it makes almost no financial, social, or economic sense," he adds in his opening remarks. The paper is divided into three sections. The first section gives an overview of UIGEA's provisions and the regulations proposed to implement them. The second "describes the law's likely and perverse consequences", and the paper's conclusion "outlines some principles for reforming or eliminating this harmful law". For the entire original white paper, available on the Poker Players Alliance web site, click here. For a summary of the paper, titled "No Dice" which was also authored by Eli Lehrer and Michelle Minton, a Policy Analyst at the Competitive Enterprise Institute, and published by American Spectator this week, click here. More members of Congress are becoming aware of the problems with the gambling ban. On April 2nd, the House Committee on Financial Services is scheduled to hold a hearing titled "Proposed UIGEA Regulations: Burden without Benefit?" to detail what has gone wrong with its implementation and how to fix it (hopefully they will see fit to ban the ban). The hearing will be overseen by Rep. Luis Gutierrez (D-IL).
"Even before it considers proposals for the regulation of online gambling, Congress should consider an outright repeal of the Unlawful Internet Gambling Enforcement Act," said Lehrer. "The law has very little to do with gambling and serves as a poorly thought-out banking regulation fraught with potentially perverse incentives. Quite simply, it is a bad law. Repealing it makes sense." Read Related Article:
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World Series of Poker: Ante Up for Africa The Ante Up for Africa Charity Tournament is one of the biggest poker charity events of the year. This charity tournament supports the refugees from the Sudan region of Darfur. After nine hours of play, Alexander (Alex) Bolotin was crowned the champion of the Ante Up for Africa tournament and won $177,730 for his first place finish.
World Series of Poker Event 56: Matt Hawrilenko Takes Down Bracelet and $1 Million The $5,000 Six Handed No Limit Hold'em event was the last event to be held at the World Series of Poker 2009 before the famous Main Event starts. Event number 56 saw 928 players register for their chance to win the last bracelet to be offered this summer. The next bracelet of the Series will not be awarded until November when the Main Event final table wraps up. Adding to the excitement of this event, there was a total prize pool of over $4.3 million, and the winner of the event was guaranteed to come out a millionaire.
World Series of Poker Event 54: Tony Veckey Wins Event 54 sold out in a hurry as 2,818 people gobbled up all of the seats for the last low buy-in No Limit Hold''m tournament of the World Series of Poker. This was a new event added to satisfy the enormous public demand for this level of event. $1,500 from each of the entrants produced a prize pool of $3,846,570, with payouts down to 297.
World Series of Poker Event 52: German Jorg Peisert Wins Jorg Peisert from Dusseldorf, Germany won the inaugural Triple Chance No Limit Hold'em event at this year's World Series of Poker. Peisert outlasted 853 other players who put up $3000 to play in this No Limit Hold'em event. The total prize pool was $2,357,040 and 81 players took home a cut. 81st place took home $5,892, but the lion's share, $506,800, went to Peisert. On the final day, Peisert started in 6th chip position and worked his way up to a chip juggernaut, eliminating players and collecting chips along the way. Notable players who cashed in this tournament include, Eric 'Rizen' Lynch (12th), An 'The Boss' Tran, Mike 'The Mad Genius of Poker' Caro (23rd), and Antonio 'The Magician' Esfandiari (24th).
World Series of Poker Event 53: New Orleans Resident David Halpern Wins David Halpern from New Orleans, LA won the $1500 Seven Card Stud Hi-Lo 8-or Better Event at the 2009 World Series of Poker. Halpern outlasted 467 other players to win $159,048 for winning the tournament. Halpern has already cashed once this year (Pot Limit Omaha), but this is his first WSOP bracelet. The $657,455 prize pool was spread out amongst 48 players who cashed. Halpern battled William Kohler for over three hour heads-up. Battled is a strong word, as both players seemed enamored of each other and even went to dinner together during the break. They traded the chip lead back and forth until Kohler seized it for good. Other notable players who cashed includes Chad Brown (4th), Matt Savage (5th), Andy Bloch (23rd), and Norman Chad (32rd).
World Series of Poker event 49: David Bach Wins $50K HORSE Event The 2009 $50,000 HORSE event attracted 95 of the world's best poker players. The number of entrants decreased from the previous year which attracted 148 entrants. As play began, player's speculated as to the reason why the numbers decreased so dramatically. Was it the economy? Was it Scotty Nguyen's drunken tirade last year? Many believed that it was ESPN's unfortunate decision to not televise this year's final table. Even though the field decreased, the players still had a full five days of play. 87 players would be eliminated on the way to a star studded final table. After 20 hours of play, David Bach was proclaimed the winner of the 2009 $50,000 HORSE event. He took home the bracelet, the Chip Reese Memorial trophy, and the $1,276,806 first place prize.
World Series of Poker Event 55: Abe Mosseri Wins First WSOP Bracelet Abraham Mosseri from New York City won the $2,500 Deuce to Seven Lowball (Limit) event at the 2009 World Series of Poker. Mosseri outlasted 257 other players to win $165,513 and the accompanying gold bracelet. This is Mosseri's first WSOP bracelet and third cash. This was his 2nd final table of this year's Series. Mosseri and others amassed a prize pool of $593,400. Only 24 players got a piece of it though. Mosseri ended Day 1 in 13th place with 39,100 in chips. By the end of Day 2, Mosseri was the chip leader with 447,000. Mosseri maintained his chip lead through most of the day. It would come down to him and Masayoshi Tanaka, who started the day with second most chips. Tanaka had the lead as heads up began, but it was meant to be for Mosseri who played aggressively and caught cards at the right time to eventually eliminate Tanaka. Notables at today's final table included three time bracelet winner John Juanda (4th), Blair Rodman (5th) and Nam Le (9th). Daniel Negreanu cashed in 16th and Hasan Habib finished in 18th.
World Series of Poker Event 51: Carsten Joh Wins Sold Out NLHE Event Carsten Joh defeated a sellout crowd to win his first bracelet in the penultimate $1,500 No Limit Hold'em event of 2009. Joh beat Andrew Chen heads up to bring home Germany's first bracelet of the Series. The event began with a largely amateur crowd, and the big names that made it to Day 2 quickly found themselves on the sidelines. Men Nguyen, Tony Cousineau, and Matt Brady outlasted most of the field but failed to make it to Day 3.
World Series of Poker Event 50: Greg 'FBT' Mueller Wins 2nd '09 Bracelet The $1,500 Limit Hold'em Shootout should put to rest any questions about the skill required to play Limit. By the time the event was down to two players, it was a heads up match between the owners of the last two Limit bracelets awarded at the WSOP. Greg 'FBT' Mueller defeated Marc Naalden to win his second bracelet of the year, making him the fourth person to claim more than one in 2009. Naalden now has 1st and 2nd place finishes in Limit tournaments this year. He also cashed in a Mixed Hold'em event.
World Series of Poker Event 48: Brandon 'any2cantu' Cantu Wins After finishing runner-up at a final table a week ago, Brandon Cantu got a second chance to win a second bracelet in the $1,500 Pot Limit Omaha Hi/Lo Split event. This time, Cantu closed the deal in a tough heads up match with Lee Watkinson and picked up the WSOP gold. Brandon 'any2cantu', known for his creative and sometimes loose style of play, was as shocked as everyone else when he turned over Aces more than ten times on Day 2. "This is the hottest streak I've ever been on in my life," he told Phil Hellmuth, who was eliminated in 14th place. By the time the field was narrowed to 25 players, Brandon had nearly 25% of the chips in play. |
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