What Does The Wire Act Mean?

What Does The Wire Act Mean?

Online gambling is any type of gambling conducted over the internet. This includes casinos, virtual poker and even sports betting. The very first online gambling site opened for the public, was ticket selling for the first ever Liechtenstein International Poker Tournament in 1994. Since then the online gambling industry has exploded and the most popular online gambling sites are PokerStars, Betfair, Ultimate Bet, Intercasino, Gambling Paradise and Ultimate Casino.

While there are a great number of online gambling sites online many people do not realize that they can still play online games for real money. There are many reasons for this including a lack of downloadable software and credit card companies standing behind certain online gambling sites. This allows individuals to gamble from the comfort of their own home. However, because there are so many online games available, it is important that you do your homework before joining any one site. For example, one of the most popular online games is Internet poker.

Although Internet gambling has become a billion-dollar business, the U.S. government has made some moves to regulate online gambling in the United States. The U.S. government realizes that there is a problem with Internet gambling. That problem is online gambling sites that are based outside of the United States. In order to combat this problem the United States government recently created the Internet Awareness for Kids Act. This act prohibits kids from accessing any gambling websites from areas where they reside. Currently the act is made illegal in ten states including Alabama, Arkansas, California, Florida, Georgia, Hawaii, Kentucky, Mississippi, North Carolina, Oregon and South Carolina.

Another problem that the online gambling industry is facing includes problems that have been brought about by online casinos themselves. In an effort to stay competitive online casinos have been increasing their bonus limits and jackpot amounts. This increases the amount of money that can be won at the casino. Unfortunately this also increases the amount of money that the casino owner can take home. Because there are not proper taxes being taken out of these winnings, there are going to be serious problems with the Internal Revenue Service concerning the monies.

As mentioned above one of the major problems that the online gambling industry is facing comes from Congressmen and the American people. The U.S. House of Representatives passed a law called the Wire Act. The Wire Act prohibits all wire transactions are made in a manner that does not have intent to pay. This includes wire transfers from a gambling site to a credit card company, and wire transfers from a credit card company to a gambling site. Many state legislatures are trying to pass similar laws as well.

The Wire Act also bars Internet gambling sites from allowing any form of gambling or gaming on their website. This includes online video poker sites that allow players to play for real cash. Online poker sites offer the best chances of winning because you can spend as much time playing as you want. However, as a result of the Wire Act all of these types of websites are being shut down. This leaves the few remaining sites that operate in the state of Wyoming.

Unfortunately, because all of the U.S. based gambling sites are closing down it is important that Wyoming internet gamblers know how they will be protected from the IRS. It seems as though all of the Wyoming based internet gamblers will be in danger of prosecution under the new “Gambling Enforcement Act”. This act will apply to anyone who uses a computer to gamble online. However this does not mean that all internet gamblers in Wyoming will face the same penalties. Many gamblers feel that this particular law targets everyone who gambles online. This is unfortunate because the only people that will end up facing charges under the new law are the ones that are involved in the biggest scandal in American gambling history: the online poker fraud.

This act will make it illegal for any person to knowingly take part in any gambling, including sports gambling. Therefore, you should always use credit cards and pay with a cash debit card when you are at a casino. Although the new Wire Act makes it illegal to use credit cards to wager online, it is still perfectly legal to do so if you use a real money gambling online site. If you are in doubt about where to place your money you should always consult your accountant or tax adviser.

by Bobby

Causing waves and making moves, there's no one in the gambling game that compares. From high stakes tables to lucrative online wins. Bobby is the best of the best and has carved a successful career in professional gambling.

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