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Ebay invites internet regulation against online casinos and others

Due to recent attempts by United States’ politicians aiming to curb the online casinos industry, shares of online casinos are entering a dangerous period on various stock markets.

The bill against online casinos is designed to hit online casinos in the pocket, to “cut the money flow from gamblers to internet sites by prohibiting the use of credit cards, checks and fund transfers to be used to settle wagers.”

All of the major online casinos are based in offshore tax nations where they are able to offer online casinos and online sports betting sites over the internet to American Internet users.
Under the Wire Act, the United States Justice Department considers online casinos to be illegal. The act also does not allow wagers on “sporting events,” which online casinos allow. Nevertheless, the act has failed to strictly enforce the regulation of online casinos. The threat to online casinos still looms however, but some online casinos executives are taking it in stride.
In a recent development, however, the global internet giant Ebay has invited regulation of online casinos and is backing the online casinos ban.
Rep. Bob Goodlatte is in the process of pushing through Congress a bill that would "ban" Internet gambling.
Online auction firm EBay has thrown its support behind Goodlatte's efforts. Why would an Internet company open its arms to congressional regulation of the Internet, some have asked?
Some believe that eBay is attempting to win favor with Goodlatte, who also happens to sit on the Congressional Internet Caucus. There's probably some truth to that. But there's another, more likely explanation for eBay selling out the e-commerce world: Good, old-fashioned protectionism.
First, a brief history lesson from the article:
eBay owns PayPal, the popular, online payment system favored by millions of auction sites, membership-based, sites, and bloggers. This wasn't always the case. PayPal was actually founded in the late 1990s by Peter Thiel and Max Levchin, two libertarian-minded Silicon Valley entrepreneurs with a revolutionary vision. Thiel and Levchin saw the potential for PayPal to grow into a kind of private currency.
The young start-up never materialized. In the end, complying with the regulators, appeasing the politicians and fighting off the civil and criminal litigation was too much to bear. Thiel and Levchin abandoned their vision, and sold PayPal to eBay, a company with an established Internet presence, an experienced legal team on staff, and -- to the detriment of PayPal's loyal customers -- a conciliatory corporate culture.
One of the first things eBay did after acquiring PayPal was to announce an even more restrictive policy, forbidding customers from using PayPal for adult-oriented products and services, as well as "non-adult services whose Web site marketing can be reasonably misconstrued as allowing adult material or services to be purchased using PayPal," a move that coincided with the Bush administration's war on Internet pornography.
So, it seems as if Ebay is looking to protect its own interests, which go against online casinos.




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