Pacific's decision...

[mackkie]

Just got this email a few hours ago...sorry if this is a double post:

888.com’s updates regarding the Recent US Legal Developments

Dear XXXX

888.com deeply regrets the decision of the US Congress to ban gaming sites from accepting bets from US based customers. As a responsible public company we would like to update you on the decisions we have taken and to inform you of the changes to our gaming products and services in light of this event.
· As of Sunday, October 22, 2006 at 23:59 CONT, 888.com will no longer accept bets from US based players. Until then, US based members are permitted to play for Real Money as usual.
· The new limitations do not apply to cash outs. US based members will be able to request cash outs with no time limit. We can assure you that any funds that you hold in your Casino-on-Net or Pacific Poker account are safe and secure as always.
· Casino-on-Net and Pacific Poker’s Practice Play versions will continue to be available for your gaming enjoyment.
· You are welcome to try out our new and exciting skill games which are permitted under the new legislation at www.888.tv.
· US based members may keep their accounts open as we plan to launch new Money Play games in the near future that will be legal under the new legislation.


It is our promise to you, our valued members, to continue providing the very best possible products and services in the online gaming industry. We will update you in advance with any new developments regarding the US legislation.

Please feel free to contact our Member Support Department if you have any questions about your account:

support@888.com
support@pacificpoker.com
support@reefclubcasino.com

Sincerely

888 Management

[ORGrinder]

what a crock of pooo. unless i'm mistaken the recent legislation does no such thing. it prevents money transfers from us banks... it has nothing to do with wagering (excpet the fact that if we can't get our money there we can't place a bet).

am i mistaken on the language of the legislation, or are the 888 folks on crak in addition to being cowards?

[mackkie]

Yeah they do make it sound like playing poker is illegal now.

Also, how do they plan on releasing a new set of games that are legal for US customers to bet on?

[khaosanroad]

Yeah they do make it sound like playing poker is illegal now.

Also, how do they plan on releasing a new set of games that are legal for US customers to bet on?

Maybe they are in fact refering to a Poker only venue. They stressed "Skill Games" for money and Poker is a skill game.

[Pokerfarian]

Here is the key phrase from the e-mail you received:

As a responsible public company we would like to update you on the decisions we have taken and to inform you of the changes to our gaming products and services in light of this event.

As a public company (888 Holdings) traded on the London Stock Exchange (888), the entire board has a duty to not run the company in a manner that violates the law.
If they operate in a given country, say the US, they must not violate the laws a of that country in the course of doing business.
It is an obligation that they owe to the shareholders (those stupid enough to hold that stock now), whose stock price would be effected by legal action.

Compound that with the fact that no officer of the company could ever travel to the US, invest in the US, or bank in the US, and you can understand why they are doing this.

[ORGrinder]

i think you're misunderstanding the legislation (or perhaps i am). i had the understandting that this legislation was targeting financial institutions, NOT gaming sites. it prohibits financial institutions in the US from sending funds to gaming sites. so basically, the letter misrepresented the legislation in an attempt to excuse their hasty (and retarded) decision.

or am I the one who is confused about the legislation (which is entirely possible).