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March 12, 2005

Paradise Poker CEO Interview...

The full article, can be found here:

Interesting article and ingerview... especially as it relates to regulation of the online poker industry, and the affects that the legalization efforts in North Dakota can have.

Some interesting exerpts:

"Payne: We're not more or less confident because the issues that are before the North Dakotan legislature are largely unresolved. There was some progress made. We are an industry crying out for regulation. "

"Payne: There are four issues that people use to say it's difficult to regulate. We need to protect children. We need to make sure that minors can't bet. We need to protect against potential for addiction, people betting too often. There's a theoretical ability to launder money. We also have to deal with the possibility of collusion with two players against each other. Those that don't support regulation say those four things cannot be effectively controlled There is a software system that can verify who you are and how old you are. You can prove your adulthood. The child-protection service has warranted the system. "

"Payne: If we were to relocate to North Dakota, we'd pay $8 million to $10 million in taxes. The Senate has to approve the bill. If that happens, the bill will clear those houses. However, this has to go before a vote of the people. That's some time in November 2005 or June 2006. "

"MW: If online poker is illegal in the U.S., how are you able to run your business here?

Payne: I refute the fact that online poker is illegal in the U.S. The only piece of legislation is the Wire Act. Poker does not fall under the wire act, I'm not aware of legislation that determines poker to be illegal. If people are playing online poker with my business, those transactions are being managed and handled in countries that allow it. To make it illegal, you have to be violating some law. The courts have held that it's not illegal under the Wire Act.

MW: If the entire online poker business was regulated in the U.S., how much revenue would the U.S. collect in taxes?

Payne: If the entire online gambling biz was regulated in the U.S. we would receive $2 billion in taxes per year. That money exists already. It's a redistribution of income that other people - offshore banks, credit card companies -- are keeping that the U.S. could keep for itself."

Thats serious coin for the US tax coffers.....

Posted by fatbill at March 12, 2005 11:40 AM


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