Most of you probably do not follow the details of online poker quite as well as I do so you may not really know what is going on with this Harry Reid poker regulation bill. If you didn't know Harry Reid is senate majority leader from Nevada and is trying to pass a bill that will legalize and regulate online poker. After first hearing about this I obviously was pumped and was ready to get back to the 2004 era of 20/BB win-rates and games more fishy than the Estate circa 2007. But, after reading more into this bill I desperately hope it does not pass. This bill is basically a piece of legislation providing a monopoly of the US online poker market to Harrahs and other land based casinos in the US. This should come as no surprise seeing as Harry Reid is a senator from Nevada. Nevada land based casinos primarily those named Harrahs have contributed greatly to Reid's campaign over the years. The bill states that any site operating in the US has 30 days to stop and return all players money. It also states that there will be a 15 month blackout period of NO online poker being played in the US legally immediateley after the bill passes. The sites that were previously open to US customers can then apply for a license after this 15 month period, but sites not taking bets could apply before then and be ready for business as soon as the blackout ends. Obviously this is a HUGE advantage for companies that do not currently accept US players and will generate enormous revenue for any company that just might be ready to enter the US online poker market (Harrahs). Also the bill states that it is unlawful for any US site to allow a non American to play on that site. So say goodbye to that fish from Estonia or that reg who is terrible from Russia (Flagelattor). On the brighter side the tax implications of the bill are VERY good and lead to a lower rake policy rather than a higher one that has been experienced in other countries that have freshly regulated poker markets such as France and Italy. To be fair the only copy of the bill that has been released publicly is not current at all so hopefully it will be a very different bill that passes.
Also to be fair this bill is probably good for poker in the next 20 years or so. It will lead to a regulated industry as opposed to one now that has cheating problems and a long history of cashout debacles. Also Pokerstars and Full Tilt will most likely be allowed back in the market after the blackout period. It is very scary to think of only playing with US players though, but most speculate that probably will not last either. If this bill passes the consensus seems to be that poker will be in a much better state in 5 years but still will suffer extremely in until then. Selfishly I plead for this bill not to pass. This bill basically eliminates poker next year and will kill almost any chance of a poker career for me (sick run hot Mom and Dad). Those of you who do not know much about the bill really need to look into it as it can effect poker VERY soon.
After reading more into this process I have been left with a really bad taste of how the US government works. I mean this is an obvious example of a congressman passing a bill to hugely benefit a company that finances his campaigns and other financial ventures. Harry Reid is someone is very against online gambling. It is easy to see what his motives are though after the bill is further investigated. The strategy of passing the bill is basically to slide it on the back of the Bush tax cuts or another bill that is scheduled to be voted on soon. This was obviously how the UIGEA bill was passed and is just a very shady process. Instead of putting time into a bill and really analyzing the effects it will almost certainly go unread by most congressman just as UIGEA did. I am just disappointed with the way the government works I guess, nothing new to see here. If you want to know more you can just 2+2 legislation forum or shoot me an email or something.
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