Prediction: We will see other books going out of business within a week. (Not just closing to US customers, but closing the doors). Pinnacle provided a LOT of liquidity to other books via scalps and middles. Books that are already on shaky ground could be out of cash soon. I wouldn't trust any money at any book right now. Most businesses in any industry would suffer greatly if they suddenly lost 10-20% of their gross revenue. For many smaller books, the revenue they got through Pinnacle was at least that much.

If the Justice Department threatened Pinny, they picked the right book to play dominos.

This is very disappointing. And I'm with you, Coast, I'll be taking an offshore break as well. Just took a trip to Vegas 6 weeks ago, and will be taking another 6 weeks from now. I guess that will have to suffice.

On a side note, I haven't kept large sums of money in my offshore account since the new law broke a while back. But, in light of today's events, for the first time in a long time I have decided to "gamble" (as opposed to "invest"). Took my remaining balance and parlayed it all on the Bulls (moneyline) and the over (191). So, come ten o'clock tonight, I'll either be cashed out, or I'll cash out. If I'm going out anyway, might as well be my way.

BD,

I make this total at 196, so I’ll jump on a 191 when I see it. Both teams average circa 195. The Nets are a running team, and the Bulls have the athletes to run with them. Last week’s contest was an aberration due to New Jersey not making a basket until halfway through the first quarter. I don’t see that happening again.

The Bulls are a perimeter team, so you always run the risk that they’ll be ice cold shooting and come in way under the total. But tonight, I’m taking that risk. Usually, wagering for me is very business-like. However, given the fact that I’m about to take a lengthy vacation (until my next Vegas trip), I’m going to have some fun with it and let it fly.

On a related note, it was reported that an online gaming site was attempting the buy the country of Sealand. Sealand is a small manmade structure off the coast of england but located in neutral waters. It has been considered a sovereign for some time with a single owner and ruler. The result of a sale is that the new owner would become the head of the "country".

I think it's actually better for gamblers to give book making back to the mob. People are less likely to lose their houses. When you have to pay Vinny at the gas station every week you are less likely to bet what you don't have. The internet is just a credit card and you try to catch up.
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You can run up all kinds of credit card debt, but you wouldn't necessarily be fearing for your life.

That would be incorrect. Used to be so, but hasn't been the case for at least three years. That's the BS the congress was using to justify the new law, which just told us how out of touch they were. Credit card companies cracked down several years ago on money transfers to offshore books. I'm not aware of any credit card company that has allowed an offshore gambling transaction for at least three years now. It's been five years at least since my major credit card company allowed it. You have to fund offshore accounts from a bank account (via wire transfers) or by e-check, cashier's check or Western Union. In every case, it's cash only up front.

Bookies operate on credit. That is how people get in trouble...chasing their losses by taking on more credit with the bookie by making larger bets that they don't have the money on hand to cover. With the credit card prohibition in place, that's now impossible to do on the net.

BD,
The gambling sites do take credit cards. But the US credit card banks won't allow it. Canadian banks, European banks and other foreign banks that issue credit cards allow their cards to be used for gambling....but the Justice Dept. and the Treasury Dept. cracked down with US banks several years ago. People in the US can try funding their acocunts with credit cards. The gambling site will accept it initially, but US credit card companies /banks will refuse to authorize the transaction.

Interesting that your friend can use a credit card on a gambling site. I know some credit card companies will allow 50 to 100 bucks on some poker sites, but I wasn't aware that any credit card company was authorizing transactions for sports books. If it's a US card, that's a bit of a surprise as I haven't heard of that in a few years. And his credit card company is taking a risk with the Treasury Dept. by allowing it.