http://www.midasoracle.org/2008/06/27/a-libertarian-view-on-the-internet-betting-and-gambling-industry-in-the-united-states-of-america/ Prediction Markets, etc. Thu, 02 Feb 2012 23:13:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.midasoracle.org/2008/06/27/a-libertarian-view-on-the-internet-betting-and-gambling-industry-in-the-united-states-of-america/#comment-19586 Ed Murray Fri, 27 Jun 2008 20:30:59 +0000 http://www.midasoracle.org/?p=7362#comment-19586 <strong><em>"The last thing any poker player with an understanding of economics would ever want is a bill that taxes and regulates online gaming.</em></strong> " - I think that tax and regulation would be one of the first things any poker player with an understanding of economics would want :-D .  Regulation is needed to ensure software deals cards out at random between users, and to ensure users are on a level playing field.  You can't have fleecing websites set up where some people have access to what cards people hold etcetera, as that really isn't poker. - All leisure activities should be taxed too, unless they provide a benefit to society.  In the case of swimming pools, there is a strong argument to subsidise swimming, as the health benefits to users mean that the cost to the health service from poor health is reduced of the population.  Poker doesn't have material benefits like this, and so should pay its fair share of tax, and in return operate within a legal, regulated framework. “The last thing any poker player with an understanding of economics would ever want is a bill that taxes and regulates online gaming. ”
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I think that tax and regulation would be one of the first things any poker player with an understanding of economics would want .  Regulation is needed to ensure software deals cards out at random between users, and to ensure users are on a level playing field.  You can’t have fleecing websites set up where some people have access to what cards people hold etcetera, as that really isn’t poker.
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All leisure activities should be taxed too, unless they provide a benefit to society.  In the case of swimming pools, there is a strong argument to subsidise swimming, as the health benefits to users mean that the cost to the health service from poor health is reduced of the population.  Poker doesn’t have material benefits like this, and so should pay its fair share of tax, and in return operate within a legal, regulated framework.

]]> http://www.midasoracle.org/2008/06/27/a-libertarian-view-on-the-internet-betting-and-gambling-industry-in-the-united-states-of-america/#comment-19585 Chris F. Masse Fri, 27 Jun 2008 18:54:06 +0000 http://www.midasoracle.org/?p=7362#comment-19585 <span class="story_main_body_font">The House Financial Services Committee voted 32-32 on an amendment by Rep. Peter King, R-N.Y., to block the Federal Reserve and Department of Treasury from completing the new rules until the agencies defined "unlawful Internet gambling." http://www.lvrj.com/business/21712069.html - </span>The Federal Reserve and the Treasury Department have been unable to finalize rules to implement the ban because Congress didn't clearly define online gambling when it passed legislation less than two years ago. http://ap.google.com/article/ALeqM5gSosJ3yBl86H6_d8cUo1a3tZgCgAD91HDHVO4 The House Financial Services Committee voted 32-32 on an amendment by Rep. Peter King, R-N.Y., to block the Federal Reserve and Department of Treasury from completing the new rules until the agencies defined “unlawful Internet gambling.”
http://www.lvrj.com/business/21712069.html
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The Federal Reserve and the Treasury Department have been unable to finalize rules to implement the ban because Congress didn’t clearly define online gambling when it passed legislation less than two years ago.
http://ap.google.com/article/ALeqM5gSosJ3yBl86H6_d8cUo1a3tZgCgAD91HDHVO4

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