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(PC Magazine)   Delaware becomes the first state in the country to offer full online gaming. Which is great news for people who want to gamble but would rather not set foot in Delaware   (pcmag.com) divider line 18
    More: Cool, Delaware, roulette, state lottery, gambling addiction, online gaming  
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894 clicks; posted to Business » on 03 Nov 2013 at 9:24 AM (41 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



18 Comments   (+0 »)
   
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2013-11-03 08:24:42 AM
FTFA: The only requirements are that users must be Delaware residents and they must physically be in Delaware while gambling. The system verifies this by checking the computer's IP address as well as tracking a text sent to the user's phone.

Fail subby.
 
2013-11-03 09:27:06 AM
Fail America.
 
2013-11-03 09:56:08 AM
31.media.tumblr.com
 
2013-11-03 10:01:39 AM
15 years too late puritans. You pissed away a global market because gambling makes baby jeebus cry.
 
2013-11-03 10:50:42 AM
How will the system verify the user's age?
 
2013-11-03 11:05:25 AM

RedPhoenix122: FTFA: The only requirements are that users must be Delaware residents and they must physically be in Delaware while gambling. The system verifies this by checking the computer's IP address as well as tracking a text sent to the user's phone.

Fail subby.


Yeah, the fact that current federal law limits gambling to state control is what's held back the industry.  I suspect they've been trying to get a foothold in Delaware and Jersey so that then they can get the law changed nationally.

And if the online casinos are incorporated under DE rules, you're going to see very little protection.
 
2013-11-03 11:50:44 AM

Dwight_Yeast: RedPhoenix122: FTFA: The only requirements are that users must be Delaware residents and they must physically be in Delaware while gambling. The system verifies this by checking the computer's IP address as well as tracking a text sent to the user's phone.

Fail subby.

Yeah, the fact that current federal law limits gambling to state control is what's held back the industry.  I suspect they've been trying to get a foothold in Delaware and Jersey so that then they can get the law changed nationally.

And if the online casinos are incorporated under DE rules, you're going to see very little protection.


This. There's no single definition of what gambling even is; it varies from state to state, with some states being pretty 'draconian' (looking at you, Florida).

/caveat, it's been 10 years since I had to deal with these policies, bit I'd be surprised if anything changed
//AOL had to jump through a lot of hoops to give away prizes to Floridians, as some readings of their laws could state that a subscription service giving away prizes was "gambling"
 
2013-11-03 11:57:47 AM

GRCooper: Dwight_Yeast: RedPhoenix122: FTFA: The only requirements are that users must be Delaware residents and they must physically be in Delaware while gambling. The system verifies this by checking the computer's IP address as well as tracking a text sent to the user's phone.

Fail subby.

Yeah, the fact that current federal law limits gambling to state control is what's held back the industry.  I suspect they've been trying to get a foothold in Delaware and Jersey so that then they can get the law changed nationally.

And if the online casinos are incorporated under DE rules, you're going to see very little protection.

This. There's no single definition of what gambling even is; it varies from state to state, with some states being pretty 'draconian' (looking at you, Florida).

/caveat, it's been 10 years since I had to deal with these policies, bit I'd be surprised if anything changed
//AOL had to jump through a lot of hoops to give away prizes to Floridians, as some readings of their laws could state that a subscription service giving away prizes was "gambling"


I really, really don't understand how investment firms get around gambling laws.  It is, absolutely, gambling....in exactly the same way that sports betting is gambling.

The company I work for does nothing but buy and sell things.  As part of the orientation process, I had a crash course in different strategies the traders and use and the way the phrased it was, literally, 'If you have X you are BETTING THAT X WILL DO ___________'
 
2013-11-03 12:36:34 PM
Why would the system have to verify that one is physically in DE by sending a tracked text to your cell phone if you also have to physically be in one of just three casinos?

What am I missing here?
 
2013-11-03 02:02:42 PM
So one trip to Delaware to get the text verification and a proxy means I can gamble at home.
 
2013-11-03 02:53:04 PM
So one trip to Delaware to get the text verification and a proxy means I can gamble at home.

if you win and ask to collect your winnings you are screwed if you can't provide a state proof of address[i'm guessing]. that was the problem years ago. you could online gamble all you wanted if you lived in the usa but when you asked that offshore poker site to send you  your winnings you ran afoul of the govment.
 
2013-11-03 03:12:40 PM

starlost: So one trip to Delaware to get the text verification and a proxy means I can gamble at home.

if you win and ask to collect your winnings you are screwed if you can't provide a state proof of address[i'm guessing]. that was the problem years ago. you could online gamble all you wanted if you lived in the usa but when you asked that offshore poker site to send you  your winnings you ran afoul of the govment.


Same with (some) underage gambling in Vegas.  I was there when I was 20, I picked up someone's empty beer bottle and walked around the casino and played slots and blackjack; but had I won anything worth caring about, they'd have told me 'Too bad'
 
2013-11-03 09:58:04 PM
[Followup] Delaware post offices expand their PO Box capacity by 250%
 
2013-11-03 11:22:41 PM

Fark_Guy_Rob: GRCooper: Dwight_Yeast: RedPhoenix122: FTFA: The only requirements are that users must be Delaware residents and they must physically be in Delaware while gambling. The system verifies this by checking the computer's IP address as well as tracking a text sent to the user's phone.

Fail subby.

Yeah, the fact that current federal law limits gambling to state control is what's held back the industry.  I suspect they've been trying to get a foothold in Delaware and Jersey so that then they can get the law changed nationally.

And if the online casinos are incorporated under DE rules, you're going to see very little protection.

This. There's no single definition of what gambling even is; it varies from state to state, with some states being pretty 'draconian' (looking at you, Florida).

/caveat, it's been 10 years since I had to deal with these policies, bit I'd be surprised if anything changed
//AOL had to jump through a lot of hoops to give away prizes to Floridians, as some readings of their laws could state that a subscription service giving away prizes was "gambling"

I really, really don't understand how investment firms get around gambling laws.  It is, absolutely, gambling....in exactly the same way that sports betting is gambling.

The company I work for does nothing but buy and sell things.  As part of the orientation process, I had a crash course in different strategies the traders and use and the way the phrased it was, literally, 'If you have X you are BETTING THAT X WILL DO ___________'


In Great Britain for almost a century, stock trades were considered gambling. For example, one could not trade on margin, because gambling debts were not collectible.
 
2013-11-03 11:26:44 PM
Snarcoleptic_Hoosier meet Starlost.

Starlost, meet Snarcoleptic_Hoosier...
 
2013-11-04 04:13:20 AM

Fark_Guy_Rob: I really, really don't understand how investment firms get around gambling laws. It is, absolutely, gambling....in exactly the same way that sports betting is gambling.


No, it's not gambling in the same sense of sports betting.  At least unless you're doing something stupid(short selling, margin, etc...).

The company I work for does nothing but buy and sell things. As part of the orientation process, I had a crash course in different strategies the traders and use and the way the phrased it was, literally, 'If you have X you are BETTING THAT X WILL DO ___________'

It's oversimplifying the situation.  The same argument could be made that when you buy a vehicle you're betting that it won't break down and will be suitable for your use.  When you buy a house in a low crime area you're betting that you won't experience crime there, etc...

Sim Tree: In Great Britain for almost a century, stock trades were considered gambling. For example, one could not trade on margin, because gambling debts were not collectible.


Despite what I said above, I agree that there are very good reasons to not allow trading on margin.  By default you're very unlikely to lose all your money when you purchase stock, and you certainly aren't going to OWE money.  Start trading on margin and these defaults go away.  It's an amplifier - gains become huge gains, but losses become huge losses.

A properly diversified portfolio you hold for an extended period of time is putting you more in the position of advantage the dealer in casinos has.  It might still technically be gambling, but it's a very safe gamble.
 
2013-11-04 07:48:48 AM

Firethorn: A properly diversified portfolio you hold for an extended period of time is putting you more in the position of advantage the dealer in casinos has. It might still technically be gambling, but it's a very safe gamble.


The only safe gamble in stocks is being the trader. That's the house position - you get paid whether the trade makes money or loses it for the investor.
 
2013-11-04 08:53:28 AM

untaken_name: Firethorn: A properly diversified portfolio you hold for an extended period of time is putting you more in the position of advantage the dealer in casinos has. It might still technically be gambling, but it's a very safe gamble.

The only safe gamble in stocks is being the trader. That's the house position - you get paid whether the trade makes money or loses it for the investor.



This is what I keep telling friends who want to day-trade: investing is investing, not gambling. If you insist on treating investing as gambling, you will learn, in a very hard way, gambling's most fundamental rule:

The house ALWAYS wins.
 
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