UPDATE: Online Poker Legislation Details
By Scott Carlson, Rakeback.com Senior Reporter
An update to an article we brought to you yesterday, ESPN’s Andrew Feldman is reporting that he has viewed a copy of the revised draft of Nevada Senator Harry Reid’s proposed legislation for licensing online poker. The major revision to the previous draft is what will happen with current online sites operating in the United States like PokerStars, DoylesRoom and Full Tilt.
The main points:
- If the revised legislation is passed the current sites operating in the United States would have 30 days to block Americans. They would have another 30 days to refund balances back to their customers.
- There would be no legal online poker in the United States for a period of 15 months, 14 if you reduce it by the 30 day requirement stated above. This time would be used to set-up licensing and regulation requirements.
- Current online poker sites would be able to receive licenses the same way and at the same time as a Caesar’s Entertainment or MGM Resorts would.
- Servers for licensed online poker rooms must be located in the United States.
- Licenses would last five years.
All other provisions of the previous draft were either not mentioned by Feldman or remain the same.
We will update as further information is released.