Wednesday, October 04, 2006

Online Horse Race and Fantasy Sports Wagering Legalization Act of 2006

Those bastards got us good. They are spinning us. Time to spin back!

The "Unlawful Internet Gambling Enforcement Act of 2006" does absolutely nothing to make internet gambling unlawful. They would have to go after the players for that, and there is nothing in the law about that. So what does it do? It explicitly makes some types of internet wagering legal. Internet Horse racing and fantasy sports wagering is now completely legal in the US, thanks to Senator Frist. Thank you for expanding the legalization of online gambling!

But these guys are spinning it real good with the title of the law, and all of the talk. They are claiming that gambling is bad, and that for moral reasons a law that would curb online wagering was needed. So they pass a law that expands online gambling, and spin it like they just did the opposite. Don't let them get away with it. Start calling the law what I did or something similar. If you contact a representative, act like your a pissed off bible thumper who did not want to see online horse race wagering legalized, and not a degenerate poker player.

The craziest thing about all of this, is the wagering they have legalized are about as -EV as it can get. Lets face it, if you are a winning "gambler", it is hard to say you have a gambling problem. Only the ones who lose significant moneys have a big problem. Lets say that you legalized two people betting on the outcome of a coinflip for a maximum of $1 a flip (or some smaller number). If we are flipping a fair coin this event will not be +EV or -EV for either participant. You could flip coins all day long, and it would be rare to have any big winners or losers at this. So legalizing something like that does not really create a gambling problem for anyone.

Now lets take online horse race betting. Most of you know, it is next to impossible to win at the track long term. Too much money is taken out of the prize pool. The skill level required is too great for 99.9% of the population to overcome this. So 99.9% of all online horse race betters will be longterm losers. The weak ones will be huge long term losers and will have huge "gambling problems". Thank you so much Mr. Frist for creating a huge new gambling problem that did not exist before your precious law took effect.

On an unrelated note, I would recommend cashing out (shopping) all of your frequent player points ASAP. When the sites start suspending accounts, they will instantly become worthless.


At 11:50 AM, Blogger NewinNov said...

Yep, I'm not worried but didn't think about the FPP's. Good point.

At 12:30 PM, Blogger Hammer Player a.k.a Hoyazo said...

Like your spin point, Blinders. To even call this anti-gaming legislation to me is bullshit. It is anti-money-transferring legislation maybe.
Frist is full of shist.


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