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fitz1234
High Card
Joined: 07 Dec 2006
Posts: 1
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 Posted: Thu Dec 07, 2006 12:22 pm Post subject: UIGEA and Regulation Questions |
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I am a college student and online poker player. I am interested in the opinions of other online players regarding the future of online poker in America.
1) Would you be willing to pay additional fees to play online poker legally if the federal government regulated the industry? If so which of these methods would you most prefer to pay these fees.
a. Additional Rake – A rake of 1-2% per hand up to $1 to serve as the regulatory fee.
b. Transaction Fee – An additional 5% fee on each purchase of chips through an online intermediary such as Neteller?
c. Lower Taxable Winnings Cap – Lowering the threshold winnings (cash outs) are taxed at, for example $1,000 instead of $10,000.
d. Licensing Fee – An annual fee charged to real money players, granting them the ability to play for real money online.
e. No, I am not willing to pay additional fees to play online legally.
2) Do you depend on online poker as a source of income?
a. Yes
b. No
Thank you very much for your reposnses. |
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deadmoney314
Message Board Junkie
Joined: 16 Jul 2005
Posts: 3228
Location: grunching through reply posts
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| Posted: Thu Dec 07, 2006 1:14 pm Post subject: Re: UIGEA and Regulation Questions |
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| fitz1234 wrote: |
I am a college student and online poker player. I am interested in the opinions of other online players regarding the future of online poker in America.
1) Would you be willing to pay additional fees to play online poker legally if the federal government regulated the industry? If so which of these methods would you most prefer to pay these fees.
a. Additional Rake – A rake of 1-2% per hand up to $1 to serve as the regulatory fee.
b. Transaction Fee – An additional 5% fee on each purchase of chips through an online intermediary such as Neteller?
c. Lower Taxable Winnings Cap – Lowering the threshold winnings (cash outs) are taxed at, for example $1,000 instead of $10,000.
d. Licensing Fee – An annual fee charged to real money players, granting them the ability to play for real money online.
e. No, I am not willing to pay additional fees to play online legally.
2) Do you depend on online poker as a source of income?
a. Yes
b. No
Thank you very much for your reposnses. |
1) Yes, I would love to remove the remaining stigma of online poker by regulating it in the US. a) I'm really glad others are looking at this as a way to regulate, I think 1% is perfect. b) no, too complicated and punishes those who wish to move site to site c) You have to pay taxes on -any- winnings unless your income is roughly less than $7500 annually when you sum up all your incomes d) no e) anyone who thinks this is just uninformed 2) yes |
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DJ Ninjah
Message Board Junkie
Joined: 17 Apr 2006
Posts: 2588
Location: New York, NY
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| Posted: Thu Dec 07, 2006 1:23 pm Post subject: |
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| Don't usually do this, but +1 |
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Lord Bodak
Two Pair
Joined: 23 Oct 2006
Posts: 65
Location: Virginia Beach, VA USA
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| Posted: Thu Dec 07, 2006 2:29 pm Post subject: |
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1) I am already playing poker online legally. Poker online is NOT illegal, contrary to popular belief. In answer to your question, as long as we are dealing with companies in foreign countries, I would NOT pay for regulation-- the US government has no place regulating these companies. If US companies want to enter the online poker business, and the government wants to regulate them, I would agree with it. As for how much it costs, I can't answer that. How much do B&M casinos pay as a "regulatory fee"?
If a "license" isn't required to play in a real casino, it should not be an option for online play. We need to streamline laws, not complicate things further.
Additionally, there is no "threshold" for where winnings are taxed. The tax code requires us to report every dollar won as income.
2) No |
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deadmoney314
Message Board Junkie
Joined: 16 Jul 2005
Posts: 3228
Location: grunching through reply posts
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| Posted: Thu Dec 07, 2006 2:32 pm Post subject: |
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| Lord Bodak wrote: |
Additionally, there is no "threshold" for where winnings are taxed. The tax code requires us to report every dollar won as income.
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This is true as long as you do not make less than the poverty classification, for which any income is not taxed or at least refunded in total. I believe this is around $7000 (I'm sure someone will post the actual figure).
Again, I think anything to release stigmas attached to online poker will bring in more players which is always a good thing for me, and I'm selfish  |
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CbrCmmndr
Two Pair
Joined: 04 Apr 2006
Posts: 55
Location: New York, NY
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| Posted: Thu Dec 07, 2006 2:52 pm Post subject: |
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[1] b. I think this is one of those situations where you'll need to charge up front if you're regulating (hopefully Warren G agrees). It seems to be the cleanest way to do things. You'll be using the usual "honor system" for reporting earnings, because lowering thresholds for withdrawals will probably only make people withdraw 999 instead of 9999. A higher rake also sounds like a possible plan, except now a regulatory body would basically require a company like Tilt to keep a large record of each and every hand - and this sounds like unnecessary micromanagement.
[2] b. Nope - hence you should deweight my response. |
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Lord Bodak
Two Pair
Joined: 23 Oct 2006
Posts: 65
Location: Virginia Beach, VA USA
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| Posted: Thu Dec 07, 2006 7:54 pm Post subject: |
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| CbrCmmndr wrote: |
| [1] b. I think this is one of those situations where you'll need to charge up front if you're regulating (hopefully Warren G agrees). It seems to be the cleanest way to do things. You'll be using the usual "honor system" for reporting earnings, because lowering thresholds for withdrawals will probably only make people withdraw 999 instead of 9999. A higher rake also sounds like a possible plan, except now a regulatory body would basically require a company like Tilt to keep a large record of each and every hand - and this sounds like unnecessary micromanagement. |
It's hard to force a company like Neteller (not a US company) to charge up front. Of course, if we eliminated all the legal crap associated with online poker, we wouldn't need Neteller.
Full Tilt is already keeping a record of every hand, I'm sure. Must be one heck of a database they have! |
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