Jan. 12, 2007
Las Vegas Review-Journal
JOHN L. SMITH: Internet bookmaker dumps U.S. market before FBI heat gets too intense
Internet bookmaking behemoth Pinnacle Sports of Curacao touts itself as "A smarter way to bet."
But sometimes folding is the best bet of all, and Pinnacle Sports is doing just that. The sports book giant has announced it "voluntarily" is leaving the United States market and starting Thursday would no longer accept wagers from American soil.
It sounds as if officials at Pinnacle are hearing the same well-sourced rumors I've heard: that the federal government's tolerance level with island sports books playing footsie with our country's laws is diminishing by the minute.
The sports book operators can hire all the former federal prosecutors they want to write letters explaining their theory that the bookmaking activity is somehow legal, but that's not going to prevent the FBI from thumping those businesses in the Dominican Republican, Curacao and elsewhere.
For Pinnacle to make this call so close to the Super Bowl shows how seriously its bosses are taking their decision. The Super Bowl is one of the bookmaker's biggest days.
According to the company's Web site, Pinnacle is closing to American clientele, but it isn't running out on its customers. (And that's a refreshing change from some of the operations that have gone before Pinnacle.)
"We would like to assure all our clients that your balances are available but those clients who are affected will be required to withdraw their balances using the Cashier function on their account," a company announcement states. "Please note that any pending wagers will be honored by Pinnacle Sports. As your wagers are graded, you may use the Cashier function to request any balance due."
I wonder whether Pinnacle's "tax-free" pay-and-take status with customers has raised interest from anyone in the IRS.
The company continues, "As ever, Pinnacle Sports will continue to provide our Canadian and International clients with the same great value they have come to expect from the World's leading online sports book and casino."
Does this mean some locals plan to rent apartments in Toronto?
Las Vegas Review-Journal
JOHN L. SMITH: Internet bookmaker dumps U.S. market before FBI heat gets too intense
Internet bookmaking behemoth Pinnacle Sports of Curacao touts itself as "A smarter way to bet."
But sometimes folding is the best bet of all, and Pinnacle Sports is doing just that. The sports book giant has announced it "voluntarily" is leaving the United States market and starting Thursday would no longer accept wagers from American soil.
It sounds as if officials at Pinnacle are hearing the same well-sourced rumors I've heard: that the federal government's tolerance level with island sports books playing footsie with our country's laws is diminishing by the minute.
The sports book operators can hire all the former federal prosecutors they want to write letters explaining their theory that the bookmaking activity is somehow legal, but that's not going to prevent the FBI from thumping those businesses in the Dominican Republican, Curacao and elsewhere.
For Pinnacle to make this call so close to the Super Bowl shows how seriously its bosses are taking their decision. The Super Bowl is one of the bookmaker's biggest days.
According to the company's Web site, Pinnacle is closing to American clientele, but it isn't running out on its customers. (And that's a refreshing change from some of the operations that have gone before Pinnacle.)
"We would like to assure all our clients that your balances are available but those clients who are affected will be required to withdraw their balances using the Cashier function on their account," a company announcement states. "Please note that any pending wagers will be honored by Pinnacle Sports. As your wagers are graded, you may use the Cashier function to request any balance due."
I wonder whether Pinnacle's "tax-free" pay-and-take status with customers has raised interest from anyone in the IRS.
The company continues, "As ever, Pinnacle Sports will continue to provide our Canadian and International clients with the same great value they have come to expect from the World's leading online sports book and casino."
Does this mean some locals plan to rent apartments in Toronto?
