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Tue, Apr 28th, 2009 @ 12:00am
Last week, iGaming News obtained a copy of and reported on the highly-anticipated California Online Poker Law Enforcement Compliance and Consumer Protection Act whose aim is to regulate online poker within the Golden State, on an intrastate basis. The bill was submitted to the California Legislative Analyst earlier this year, and is likely to be amended should it pass through the Legislature. In its current form, the bill instructs the California State Gambling Commission, in conjunction with the state Department of Justice, to draft and adopt regulations for the implementation of an online intrastate poker network. Key points of the bill, that iGaming News reported, include: licensing limited to current gaming establishments, licensed by California, as well as to California tribes with compacts. The operations (wagering hubs) must also be located within the state itself. Additionally, the legislation recommends a gross receipts tax structure that mirrors the structure currently imposed on land-based card rooms in California (so there is no tax difference to being online versus land-based).Deposit/Withdrawl LimitationsAnother key point of the bill concerned deposits and withdrawls, as follows: When an individual opens an account, the Online poker sites would be required to place a limitation on the amount of funds that may be transferred into that account within a 24-hour period. The bill also stipulates that withdrawals from the wagering account can only be made by check, or by an electronic transfer to the same financial account from which the verified accountholder is authorized make deposits into the wagering account. PokerPages.com will keep you up to date on further developments as they happen.To view a copy of the bill in full, click here. Read Related Article:Bill to Study California Intrastate Online Poker Progresses