Pinnacle Sports Response to the legislation

[BleedDodgerBlue]

an email i received back from them after inquiring about the effects of the new legislation:

Dear Sir,


Thank you for your email.

We are aware of the recent action by Congress to pass the Safe Port Act which includes certain provisions to limit the growth of Internet gaming through the restriction of payments to gaming companies. This bill does not expressly make Internet gaming illegal, nor does it look to target players who enjoy gambling online. Instead, it seeks to prevent online players by restricting the methods bettors can use to fund their Internet wagers.

Pinnacle Sports is licensed by the Government of the Netherlands Antilles and in our licensing agreement it is a legal requirement that we maintain
sufficient funds to be able to honor the winnings of all of our customers at anytime. Pinnacle Sports has earned an industry leading reputation for
providing the quickest payouts online and you can rest assured that your winnings will always be paid. You will continue to have access to your
funds 24/7.

Pinnacle Sports encourages all clients to consult with an independent legal advisor or their local attorney general's office as to the legality of online gaming in their area.

Pinnacle Sports has active customers from more than 100 different countries worldwide and we remain committed to providing a safe, secure
and rewarding online gaming experience for all of our players.

Regards,

Customer Service Department
Pinnacle Sports

 

[BleedDodgerBlue]

I've read it 3 times and still don't know what to make of it. seems like boilerplate we're doing business as usual.

I would suspect until the effects of neteller are known, that nothing will be known.

gl

 

[nervousTic]

Thanks for the update. I think it is all going to boil down to finding a cash transaction mechanism. No real risk to existing funds at book sites.

 

[Agent 0659]

otherwise interpretted to...blah blah blah?

They don't really say anything do they? But sounds like B.A.U??

:shrug:

 

[kneifl]

It seems like an automated response

It seems like an automated response

A pretty typical automated response to me. It's nice that they mention they are aware of the situation in the email. After that sentence it just goes, "blah, blah, blah, to me" What I would expect from most books to give as a response.

kneifl

 

[kosar]

I would suspect until the effects of neteller are known, that nothing will be known.

gl

Exactly. Almost everything rides on what netteller decides to do, imo.

 

[yyz]

an email i received back from them after inquiring about the effects of the new legislation:

Dear Sir,


Thank you for your email.

We are aware of the recent action by Congress to pass the Safe Port Act which includes certain provisions to limit the growth of Internet gaming through the restriction of payments to gaming companies. This bill does not expressly make Internet gaming illegal, nor does it look to target players who enjoy gambling online. Instead, it seeks to prevent online players by restricting the methods bettors can use to fund their Internet wagers.

Pinnacle Sports is licensed by the Government of the Netherlands Antilles and in our licensing agreement it is a legal requirement that we maintain
sufficient funds to be able to honor the winnings of all of our customers at anytime. Pinnacle Sports has earned an industry leading reputation for
providing the quickest payouts online and you can rest assured that your winnings will always be paid. You will continue to have access to your
funds 24/7.

Pinnacle Sports encourages all clients to consult with an independent legal advisor or their local attorney general's office as to the legality of online gaming in their area.

Pinnacle Sports has active customers from more than 100 different countries worldwide and we remain committed to providing a safe, secure
and rewarding online gaming experience for all of our players.

Regards,

Customer Service Department
Pinnacle Sports

........and the US has always maintained it is illegal.

 

[SBBC]

It basically says they will hold your funds and you will not lose them.

Great news - now its just HOW will you be able to get your money out when you want it.

 

[Heyward]

It basically says they will hold your funds and you will not lose them.

Great news - now its just HOW will you be able to get your money out when you want it.

From my reading of the Act, I didn't see anything that says banks can't accept transfers/checks FROM sportsbooks. It looks like they will be prohibited from transferring money TO these sites. Did I miss something?

 

[CWood97]

Great news - now its just HOW will you be able to get your money out when you want it.

Exactly, what if Neteller decides its in their best interest to shut down ops with US financial institutions when the bill goes into law (as early as today)???

 

[SBBC]

From my reading of the Act, I didn't see anything that says banks can't accept transfers/checks FROM sportsbooks. It looks like they will be prohibited from transferring money TO these sites. Did I miss something?

I thought it covered banks and checks to banks etc..? It would only make sense that it did or it would be to easy for people to do this..

 

[SBBC]

Exactly, what if Neteller decides its in their best interest to shut down ops with US financial institutions when the bill goes into law (as early as today)???

I have a feeling Neteller will not allow sportsbook sites to clear funds to or from them etc..

I think its going to make things rough on how to take money out of your account or to fund for that matter...

 

[CWood97]

I have a feeling Neteller will not allow sportsbook sites to clear funds to or from them etc..

I think its going to make things rough on how to take money out of your account or to fund for that matter...

Me too, that's why I pulled everything today. Going to have to go the local route for a while.

 

[Heyward]

I thought it covered banks and checks to banks etc..? It would only make sense that it did or it would be to easy for people to do this..

I just skimmed it again, and I didn't see any reference to banks allowing deposits of funds coming from sportsbooks, only a ban on transferring funds to these sites, and a prohibition on a gambling enterprises accepting such payments. It makes sense to me - the purpose of the Act is to hurt the online sites by restricting Americans from sending them money. If we couldn't withdraw our funds, that would only help the sites by allowing them to keep all of the American money.

 

[SBBC]

Interesting Heyward - thanks for the info!

 

[wareagle]

It will be very interesting to see what the WTO has to say about this. there is a chance this will be found to be in violation of the US's committments to GATS.... and could eventually be struck down as unconstitutional.

I need to read up on this some more.

 

[SixFive]

so, what are you going to do, BDB?? Don't you do this for a living? What's your take?

 

[Heyward]

It will be very interesting to see what the WTO has to say about this. there is a chance this will be found to be in violation of the US's committments to GATS.... and could eventually be struck down as unconstitutional.

I need to read up on this some more.

I think the WTO has already ruled that U.S. restrictions on internet gambling violate our agreements under that organization, but until the current administration gets out of office, it might not happen. The Bush Administration doesn't seem to care too much about honoring treaties or other such agreements, and they sure as hell don't have any deisre to have good relations with the rest of the world. I don't have the details, but my memory is that Antigua filed a complaint and the WTO found in their favor, but the Bush folks didn't care.

 

[Terryray]

yup, WTO ruled against US and US lost appeal too, but Pres and Congress done nothing to get in compliance, and any other Pres probably wouldn't either. Kosar, in another thread, spoke today of how "utterly useless" these international lawsuits are.

Professor I. Nelson Rose recently wrote an article updating this WTO decision and many of the mind-numbing and confusing details certainly not worth posting here. Search for it and read it if you wanna see how fast your eyes glaze over.

 

[THE HITMAN]

I'll get on the phone to my local Attorney General's Office first thing in the morning. !!:mj07: