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Reid pushes bill to allow for online gambling

Under Reid bill, casinos and racetracks would get first crack at online poker business:http://finance.yahoo.com
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WASHINGTON (AP) -- Senate Majority Leader Harry Reid is pushing behind the scenes for lame-duck legislation that would allow poker games over the Internet but restrict initial licenses to casinos and racetrack operators that have been in businesses at least five years.

Some of the biggest casino operators in Reid's home state of Nevada are eager to get a piece of the online gambling industry, which generates an estimated $5 billion a year for offshore operators.

A congressional aide familiar with the issue said Reid aides were circulating the draft legislation, and a copy of it was obtained by The Associated Press. The aide was not authorized to speak publicly about the matter and did so only on condition of anonymity.

Four years ago, Congress effectively banned online gambling, passing legislation that prohibits banks and credit card companies from making payments to gambling websites. Supporters of online poker face less opposition with Democrats in charge of both chambers for another month. The House Financial Services Committee this year approved a bill that established a regulatory structure for online gambling.

Reid's office would not answer questions about the legislation.

But sensing that supporters are in a hurry to lift the ban, three leading Republicans in the House wrote to Reid and Senate Minority Leader Mitch McConnell, R-Ky., this week to say they oppose any attempt to legalize Internet gambling during the current legislative session.

They said using online gaming to generate revenue for the federal government would bring social and economic harm to many families.

"Congress should not take advantage of the young, the weak and the vulnerable in the name of new revenues to cover more government spending," Republican Reps. Spencer Bachus of Alabama, Dave Camp of Michigan and Lamar Smith of Texas said in the letter. Bachus is in line to become chairman of the Financial Services Committee next month, Camp will take over the Ways and Means Committee and Smith is expected to head the Judiciary Committee. The three committees have jurisdiction over Internet gambling matters.

Most of the legislative work this year concerning online gambling has taken place in the House, where supporters say that prohibition didn't work with alcohol and it's not working with online gambling. People continue to participate but in an underground, unregulated market.

"We are not talking about an activity that harms others where we properly step in," Rep. Barney Frank, D-Mass., the current Financial Services chairman, said at a hearing this year. "We are talking about a decision by adults to do what they want with their own money."

Under the draft legislation circulated to various Senate offices, states and Indian tribes would oversee regulation of the online poker license-holders.

Casino companies were among Reid's biggest campaign donors in the last election. MGM Resorts International, through its employees and political action committee, donated $192,000 to his campaign, the most of any single company, according to the Center for Responsive Politics. Meanwhile, employees and the PAC at Harrah's Entertainment chipped in an additional $83,100. Harrah's recently changed its name to Caesars Entertainment Corp.

Poker's popularity has soared in recent years, with casinos around the country regularly sponsoring poker tournaments, some of which are shown on television. The winner of this year's World Series of Poker in Las Vegas won nearly $9 million. The tournament featured more than 7,300 players willing to pay a $10,000 entry fee.

With online poker, players generally deposit money into an account through their credit card. They join a table with other players following along on their computer. A software program deals cards to each participant. And when it's time to bet, the program automatically prompts a player to bet, hold or fold. The program also keeps a running tab of how many chips a player accumulates or lose. When players have finished their game, they click on a cashier tab that shows how much a player's account has increased or decreased.


Added: Dec-4-2010 Occurred On: Dec-3-2010
By: gmccuiston
In:
LiveLeaks
Tags: online, gambling
Views: 6911 | Comments: 12 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 1
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  • He and Pelosi need to be publicly hung.

    Posted Dec-5-2010 By 

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  • Nah, the gaming commission didn't have a vested interest in helping to see that Reid got elected, not at all. I mean he's just a lowly civil servant with a modest Ritz-Carlton condo when he's in D.C..

    "Casino companies were among Reid's biggest campaign donors in the last election"

    Plus, he's all for helping the little guy with government intervention. GM alone will need to have a stock price of 150.00 in order for the tax payer, I mean government, to recoup all it's put into More..

    Posted Dec-5-2010 By 

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  • This is a TERRIBLE IDEA! It's worse then those Godamn stupid scratchers. Think of it like this: you're playing blackjack against a dealer that looks at every card before he hands them to you, and discards the ones he doesn't like. THAT'S exactly what online gambling is!

    I used to be married to a degenerate gambler. We made trip after trip to those stupid indian casinos in California, Pechanga mostly, and we went into 5 figure debt. She was strong willed and stubborn and i was too weak to More..

    Posted Dec-5-2010 By 

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    • Should we ban alcohol because some people are fucking idiots and can't control themselves?

      Posted Dec-5-2010 By 

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    • great argument. Hard to refute. But did you not read my post, uf yo want to gamble on the net, let me know when you win,

      THE ANSWER IS NEVER, EVR,,,, GODAMNIT.

      Having seen the devastating damage of this first hand offhand

      1-Harry reifd need to be shot.
      2-Reid whore all along
      3-play the lotto and then fuck it.!!
      4-AVOID these motherfucking casinos!!!
      5 - AVOID these motherfucking casinos!!!

      Don't get me wrong here, because there's still some milk from the cow.

      IF you have the discip More..

      Posted Dec-5-2010 By 

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  • Fucking stupid dems. They should outlaw all gambling with exception of Vegas. I live by a casino and its amazing how busy they are right after the first each month. All the worthless fucking democratic supporters spending their monthly government assistance. If you can afford to travel to gamble,you shouldnt be gambling.

    Posted Dec-5-2010 By 

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  • Comment of user 'Incredulous' has been deleted by author (after account deletion)!
  • Gambling is great. It taxes stupid people.

    Posted Dec-5-2010 By 

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  • Reid is pure evil. What a piece of crap~

    Posted Dec-5-2010 By 

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  • Comment of user 'bouymarker' has been deleted by author (after account deletion)!
  • you might not believe there's a God, but to deny there's pure evil is silly.

    Posted Dec-5-2010 By 

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  • texas holdem is fun it is not that big of deal. If it was regulated than it would be fair. since it is not I think some poker sites cheat amd know who gets what cards at least if it was legal there would be some oversight. the hardcore gamblers will find a way to gamble but it should not punish people like me who enjoy to play

    Posted Jan-10-2011 By 

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