If you have ever watched the movie 21, you would be aware that this movie is about Ben Campbell who wants to go to MIT but can’t afford the cost. What he did was to start an activity which he is very good at. It was “counting” and he started to
play poker in the casinos. Though this story might seem to be fictional, nonetheless it is the story of the some of the bright players of poker even today. Take the example of Steven. Being a student in finance, he is pursuing undergraduate studies in the
University of Florida. He thinks he is good in poker and decides to wager money to get paid in return for some easy cash. He asks a person to back him up financially by supporting his bets in Poker. He starts with a twenty dollar bet and ends up winning thirty
thousand dollars. With this money he is financing his degree cost and other expenses. A few days ago he also won online poker championship which earned him $400,000. He used that cash to by a car and a plasma television. He also gave some of it to support
his parents.
So what exactly is poker, that is, more often than not, being considered a bad activity and mostly illegal around the world. Some call in gambling to wager money for easy money. Some say it’s a game of skill and chance like every other game, however with
tangible financial returns.
It has been said that billions of dollars are wagered in this game each year. Recently, some US based casino companies are pushing for the legalization of the game in the U.S. The bill is proposed to establish reporting requirements for companies as well
as safeguard for the players. Harry Reid had proposed a Harry Reid bill about the legalization of the poker. He has put forth a 173-page bill to ask the U.S. senate to regulate the playing of poker. He suggested that this game can also become the source of
revenue for the financial services and can protect players in the U.S. against the malevolent action of non-U.S companies operating in the online arena.
Despite considerable efforts by Howard Lederer, Head of the Poker Players Alliance, the bill has been turned down by the U.S. senate with fifteen month complete blackout against poker in the country. Financial Services has ruled against the legislation because
of the game's inherent nature to money used being non-traceable. It has been commented by Howard Lederer that the issue of legislation of poker is not about the principles but it is about the republican-democrat tussle. Though some of the republicans do play
this game, they are against the legalization of this game in their country. Though the bill is not “dead”, it will be long haul for the campaigners to legalize the game given the formidable red tape barriers against it.
With illegal status for Poker, ardent players will continue to play it in less legal settings. Players will be less secure. Most players will continue transaction in the black market which could become a possible source of funding for a mishap in the U.S.
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