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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institutions to cripple online poker and online gambling in the United States, recommending that the "harmful" law be repealed.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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Moon and Cada Heads-Up, Ivey 7th at WSOP Main Event Final Table After a marathon session at the most esteemed table in the poker world, a 21-year-old and a logger are set to go one-on-one for the World Series of Poker Main Event bracelet.
PokerStars Launches New UK and Ireland Poker Tour PokerStars.com has announced the start of a new poker tour with stops throughout the United Kingdom and Ireland. The UK and Ireland Poker Tour (UKIPT) will kick off in Galway, Ireland in mid-December, and the first event in the UK will be held in Manchester in February.
Peerless Media Agrees to Purchase World Poker Tour Enterprises According to a Monday press release, WPT Enterprises Inc., mothership of the World Poker Tour, is now the rightful property of Peerless Media, Ltd., subsidiary of online giant PartyGaming.
Tiffany Michelle and Maria Ho Hit the Amazing Race Rail After surviving six legs of the Amazing Race by the skin of their teeth, poker pros Tiffany Michelle and Maria Ho were finally eliminated in the CBS reality show's most recently aired episode. Michelle and Ho, the last women standing in the 2008 and 2007 World Series of Poker Main Events, gave reality television fans another chance to watch poker personalities compete away from the felt. Annie Duke garnered quite a following earlier in the year on another reality show competition, NBC's Celebrity Apprentice.
Isaac Baron Dominates Caesars Classic Main Event Isaac "westmenloAA" Baron ran over the final table of the Caesars Palace Classic $5,000 Main Event, amassing a huge chip lead and going home with the $246,928 first prize. It took two long days to narrow the 162-person field to the final ten. A very high percentage of the entrants were recognizable tournament circuit players, and unsurprisingly, the stacked field produced a tough final table lineup.
Tonight- ESPN shows Day Before WSOP Main Event Final Nine are Set- Oct 27 Tonight (Oct. 27) at 9pm ET, ESPN will broadcast highlights of action on the day before the Final Table of the 2009 World Series of Poker (WSOP) Main Event was set. Only 27 players remain when this one-hour show begins.
Frenchman Wins PokerStars EPT Warsaw Poker Tourney At the PokerStars European Poker Tour Warsaw No Limit Texas Hold'em main event that wrapped up yesterday, French businessman Christophe Benzimra finished first taking home 358,644 Euros in prize money, while Italian poker pro Alfio Battisti finished second in the tournament.
Vedes Conquers WPT Festa al Lago Final Table Tommy Vedes is the WPT's newest champion! Vedes outlasted 274 players to win the Festa al Lago title and the $1,218,225 first prize. Freddy Deeb, who began the final table with the chip lead, hoped to win his third WPT title and tie Gus Hansen's record. Instead, Deeb was forced to settle for 4th place, leaving room for a new WPT champ. Click here for in-depth coverage of the action and photos from the final table.
Will Hungarians Get Taxed on Poker Soon? Hungarian lawmakers have plans to tax poker winnings and regulate clubs to generate much-needed revenues during the country's worst economic crisis since the end of communism, reports Germany's Deutsche Weele.
Freddy Deeb Leads World Poker Tour Final Table The WPT Festa al Lago Main Event is down to the final six after five tough days of play. Two-time WPT champion Freddy Deeb brings the chip lead along with the benefit of his under-the-lights experience into Monday's televised final table. Deeb previously won the WPT Season III Aruba Poker Classic and the Season VII Celebrity Invitational. He also owns two World Series bracelets and has amassed over $6 million in tournament winnings. A win on Monday would add $1,218,225 to that total. Click here for photos from the felt and final table chip counts. |
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