US Internet Gambling Bill Passes Committee Hurdle

[JohnLocke]

The US House Financial Services Committee has passed legislation to enable Americans to bet online and "put an end to an inappropriate interference with their personal freedom". Online gambling may be made legal throughout the US, but it is unlikely to happen this year.


HR2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States.


The legislation comes in response to the enactment of the Unlawful Internet Gambling Enforcement Act (UIGEA), which restricted the use of payments systems by Americans who gamble online.


The new bill, which licenses and regulated online gambling, requires licensees to take appropriate safeguards to prevent fraud, money laundering, underage and compulsive gambling.


As amended, it:

• Contains additional protections to prevent minors from gambling online;
  
• Prevents inappropriate online advertising targeted toward underage or compulsive gamblers;
  
• Clarifies the effect of this act on Indian tribes;
  
• Requires consultation with tribes during implementation;
  
• Prohibits licensees from accepting bets or wagers from persons on the self excluded list of compulsive gamblers and persons delinquent with child support payments;
  
• Prevents the use of a credit card to gamble online;
  
• Clarifies an exception for intrastate and intratribal online lotteries;
  
• Prohibits sports betting;
  
• Requires that players set financial loss limits;
  
• Bans violators of federal and state gambling laws from obtaining a license; and
  
• Requires a substantial US presence as a condition of obtaining a license.

A separate bill by Rep. Jim McDermott (D-Wash.) to tax online-gambling has not yet been approved by the House Ways and Means Committee, but it is unlikely that the legalization process will proceed without resolving the tax implications. The Joint Tax Committee has estimated that such a tax could generate up to USD42bn in the next 10 years.



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I'm talking about small amount like Eur 1K or 2K to convert every now and then between major currencies, it works fine with Wise and Revolut (from Premium plan and above), and wondered if it's easily doable with Currenxie and WorldFirst.
Any other platforms you may suggest? Thanks.

 

Yes, but only for business. For private you can use ibkr or Amnis.

 

You also need to keep an eye on what it costs each time you exchange your currency, there is a difference, and I have noticed that Wise is one of the cheapest.  Toggle signatureIf money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

daniels27 said:Yes, but only for business. For private you can use ibkr or Amnis.Click to expand...
Why AMNIS is asking for minimum 100K currency exchange on the PERSONAL account?

Is there any fee associated, if I exchange less.

 

daniels27 said:Yes, but only for business. For private you can use ibkr or Amnis.Click to expand...Why do you say that? You mean that in the business exchanging currencies must be explicitly stated as one of the sources of the company's profits?

EliasIT said:You also need to keep an eye on what it costs each time you exchange your currency, there is a difference, and I have noticed that Wise is one of the cheapest.Click to expand...Yes Wise is convenient, Revolut seems convenient too if you have a plan with no restrictions/commissions (for that you need to pay about 10eur/month).

 

daniels27 said:Yes, but only for business.Click to expand...
Sean Restling said:Why do you say that? You mean that in the business exchanging currencies must be explicitly stated as one of the sources of the company's profits?Click to expand...I of course do not know what @daniels27 was thinking about but I think the background is the fact that both Currenxie and Worldfirst open accounts only for businesses, not for a personal use.
And I can confirm that Currenxie and Worldfirst are recommendable (for the abovementioned usage).

For a personal use, check also e.g. Moneycorp, Xe.com, Conotoxia.
EUman said:Why AMNIS is asking for minimum 100K currency exchange on the PERSONAL account?

Is there any fee associated, if I exchange less.Click to expand...Do you mean International Payments with the #1 Platform - fast & simple | amnis ? If so, what is the source of this information? AFAIK, they target also at businesses only, mainly at SMEs...  Toggle signature--------------------------------------------------------------------------------------------------------------------------------------

I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

Forester said:I of course do not know what @daniels27 was thinking about but I think the background is the fact that both Currenxie and Worldfirst open accounts only for businesses, not for a personal use.
And I can confirm that Currenxie and Worldfirst are recommendable (for the abovementioned usage).Click to expand...Okay got that. I have business accounts both with Currenxie and WorldFirst, and was wondering if they make a fuss if you trade in currencies (again, very small amounts) even though trading currencies it's not your core business. EMIs are getting quite pedantic lately and prefer to avoid hassles.

 

Sean Restling said:Okay got that. I have business accounts both with Currenxie and WorldFirst, and was wondering if they make a fuss if you trade in currencies (again, very small amounts) even though trading currencies it's not your core business. EMIs are getting quite pedantic lately and prefer to avoid hassles.Click to expand...Well, if you plan to do FX trade really frequently (as it was your business, not related to transactions), I'd recommend to go for a platform that is dedicated to it, after all – at least for your comfort.
The above mentioned Moneycorp, Xe.com, Conotoxia will serve you well...  Toggle signature--------------------------------------------------------------------------------------------------------------------------------------

I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

Yes. I mean that those only open accounts for businesses, not personal accounts. Wise is not in the personal accounts.

Wise is 0.4%. If you have enough turnover, most brokers will offer you about 0.15% once you tell them Xyz give you 0.18%. Boy you will need high 6 figures.

Amnis has much better service with account managers. They typically are looking for middle 6 figures turnover per year on all accounts combined. You can do personal account with less if your business is doing well.

 

daniels27 said:Amnis has much better service with account managers. They typically are looking for middle 6 figures turnover per year on all accounts combined. You can do personal account with less if your business is doing well.Click to expand...You seem to have some experience with Amnis. Do you consider them reliable? And what about the fees? (At webpage they are not transparent re: fees, IIRC.)  Toggle signature--------------------------------------------------------------------------------------------------------------------------------------

I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

For those amounts bro.

Stick with what you’ve got

 

Forester said:You seem to have some experience with Amnis. Do you consider them reliable? And what about the fees? (At webpage they are not transparent re: fees, IIRC.)Click to expand...I tried many. From OFC to Wise to World First to IBAN First. Now using Amnis. The fees are on the website. I think 0.4% Forex without monthly fees, then there are plans with 0.3% and 0.2%. The wire fees are about 10 now after the free quota, used to be 5. The support is excellent for what you pay. You won't get that with wise you sure.

I like that they do not advertise high prices and then you have to negotiate long to get to 0.2%. They start with useable prices from scratch. If you have volume, PM me, I may be able to help with pricing.

 

[MrBurns]

daniels27 said:I like that they do not advertise high prices and then you have to negotiate long to get to 0.2%. They start with useable prices from scratch. If you have volume, PM me, I may be able to help with pricing.Click to expand...how can you help with that ?  Toggle signatureFind help to the ultimate anonymous setup on OffshoreCorpTalk - Tried, Tested & Works
Need help to get things done, ping me inside the Mentor Group Gold forums.