Nope. There is a difference between playing poker over telephone wires and opening a casino. And remember that in Texas we have a lotto, bingo and horse racing. That is all gambling so your assertion that gambling is illegal cannot be true. Uh, yeah it is. Here are some definitions of gambling for you, see the bold in particular: American Heritage Dictionary - Cite This Source gam·ble (gmbl) Pronunciation Key v. gam·bled, gam·bling, gam·bles v. intr. To take a risk in the hope of gaining an advantage or a benefit. v. tr. To expose to hazard; risk: gambled their lives in a dangerous rescue mission. n. An act or undertaking of uncertain outcome; a risk: I took a gamble that stock prices would rise.
You can invest in junk bonds or index funds. The risks are different just like in gambling. Tell em Mikey! Why do you think the same five guys make it to the final table of the World Series of Poker EVERY YEAR? What, are they the luckiest guys in Las Vegas?
Please. Stock investing is speculative and a total risk just as gambling is speculative and a total risk. Both are actions based on incomplete information (if you had all the information in your stock trades you would more than likely be in jail for insider trading). There is no guarantee in the stock market nor in gambling. With poker in particular you play against other players, not the house. The only stake for the house is in the rake. The rake is exactly like 'management fees' with mutual funds which in many cases combined with trading fees make for a losing proposition. Less than 10% of fund managers make money for their clients over the long term and even less individual investors are successful. At least with poker you can increase your skill through practice and observation. You can see and judge your competition's every action unlike the unseen company boards. If anything you have MORE information about a player online that you do about a public company. If you stake money on a proposition with risk you are gambling. If you stake money on something you have no control over like a stock it is incredibly naive to claim it isn't gambling. Pick up any investing book and one of the first things it will talk about if it is any good is that the stock market is a risk.
The point is, you can't go next door and open up a casino. You can't set up poker games and make money off it. Party Poker and online gambline is very similar to those, and thus it is no surprise that they would illegalize it. Yes, I am aware that not ALL gambling is illegal, but the particular stuff we are talking about is. Fine, then I'm gambling by driving my car to get a Subway sandwich. There still is a huge difference between investing in the stock market and playing roulette.
I didn't say they never have, and won't in the future. However, I was addressing this topic, and in this case the Democratic Party isn't the one responsible. If someone is angry about this action, and obviously millions are, or will be, as they discover they can't do something they found pleasure in, they should be angry at the party responsible for it. That party is the GOP. Keep D&D Civil.
So are you saying that playing poker is just as good a place to put your money as stocks and bonds? Ridiculous. The fact is when you buy a stock you buy a part of the company. You buy something of value. There are regulations that give investors as much information as possible. When you gamble in casinos all you get are odds to lose.
We're primarily talking about online poker here, not roullette. They are two totally different games, and poker is a game of skill.
You obviously are thinking about two different forms of gambling here. When you play forms of poker like texas hold em, you are not betting against the house. If you are a good poker player, you can make a career out of playing cards, just like a good investor can make a career out of picking the right stocks.
There is plenty of gambling in poker. And the point is irrelevant, because I can't set up a poker playing business in my house, so Party Poker shouldn't be able to either.
That's true. I play poker all the time, I know. But we are really talking about the law here, and poker houses are not suposed to be in business.
You're right. You can't go next door and open a brick and mortar casino. It is illegal to open a casino in Texas. That doesn't mean opening a casino in the Caribbean is illegal. It doesn't mean sending instructions to a poker table in the Caribbean is illegal. Again, the only restriction on gambling over telephone wires is sports betting. You can call it a loophole. That is fine. I can say it is not prohibited. It equates to the same thing, namely that it is not illegal behavior. Depends on what you invest in - penny stocks and junk bonds are no better investments than roulette. Commodities markets are more volatile than blackjack, where if you learn to play well enough you virtually cancel out the house advantage. Playing poker is less risky than most stocks, assuming you've put the time in to learn the game. Of course investing in stock without putting time in to learn the ropes is a disaster waiting to happen.
Okay, fine. And in my mind, by setting up a casino in the Caribbean and letting Americans play it, you are basically setting up a casino in the US, violating the "spirit" of the law. Yeah, you can gamble on stocks, just like I can gamble by racing down the street. That doesn't mean buying stocks or racing is inherently gambling. Casino games are inherently gambling.
Party Poker didn't set their business up in your house, it is set up in the UK. If you want a definitive opinion of whether poker is a game of skill or luck you can look up the California Supreme Court's decision that it is a game of skill, not chance.
The truth is that Poker is both skill and gambling. Notice how the best players don't win the World Series of Poker anymore. Ask poker pros, not old fogeys in the supreme court. I know Party Poker didn't set up in my house.
OK, so we agree now that it isn't against the 'letter' of the law. Americans play at brick and mortar casinos in about 30 states. What 'spirit' are you referring to? Sorry but you are just restating the same sentence. What is different between the two? Do you have a guarantee in the stock market? No. Do you risk money for a 'potential' return? Yes Do you have a decision with complete information? No. Can you lose all your money? Yes. Can you play more and less conservative risks in each? Yes. Your distinctions are just artificial because you're stuck believing the stock market is more legitimate than something like poker. You more likely to experience fraud in a stock play than a casino. There isn't a poker professional out there who would agree with you on either point.
How is buying and selling securities any different? It is skill and gambling. The skill is knowing when to buy and sell, diversification, etc. The gamble comes from the risk of losing your investment. All investments discuss risk and your tolerance for it.
