Despite the recent swing in political power in our national government, it seems as though we may be closer than ever to seeing the birth of legal online poker in America.
Individuals in the employ of Senate Majority Leader Harry Reid have been passing out drafts of a bill designed to bring an end to the current state of affairs. Backed by many of the nation’s major casino operators, this newest piece of lawmaking features several interesting changes from prior attempts.
Here are a few of the highlights…
Bad News First: All good things comes to those who wait. Or at least, poker players had better hope so. The current draft of the bill states that, in the first fifteen months after it is passed, there will be absolutely no online poker in the United States. Sites offering such services will be given 30 days to cease their activities if they wish to receive an operating license under the new regime.
Bankroll Balances: Sites will be required to instruct their users on how to withdraw their bankrolls. Players will be given an entire two years to pull back their money, after which time it will be transferred to an escrow account “for safekeeping and orderly disposition as the Secretary may direct.”
The Long Winter: The first licenses will be issued exactly 15 months from the passing of the bill. This will give those seeking to obtain legal access to US players the chance to set up a base of operations within national borders.
Out of the Black: It now appears that, contrary to their previous posture, the government will not force current online poker sites operating within US borders (i.e. PokerStars and Full Tilt) to endure a two year waiting period before granting them a license. This had long been one of the major fears regarding earlier legislative drafts. Now, it seems as though those presently offering real money poker to American gamers will not be locked out of the new market.
Details, Details: Once granted, licenses will be branded with a five year term. All of a site’s hardware must be located within US borders, and states will receive a 20 percent cut of the profits, to be paid “not later than 15 days after the end of each calendar month.”
Big Brother: In an effort to keep the big fish inside the tax net, licensed sites will be required to keep track of and report the winnings and losses of each and every player on their servers.
So what do you think of the bill? It’s certainly got its merits, but there are also a few contentious areas.