Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook Message Board

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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook

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To: JUDE GUZMAN who wrote (6339)	8/25/1999 8:13:00 AM
From: Techplayer	Read Replies (2) of 8858

Jude, I can't agree with you more. I, like a lot of people have done extensive research regarding this company. I reread the SEC documents yesterday and came away dumbfounded that this company is in the predicament that it is in except for the excerpt that I posted yesterday. I could be wrong, but I feel that all of this surrounds the grey area in the betting laws that starnet actually alludes to. None of the licensees pays Canada a fee for operation, yet are in operation cutting through Vancouver. The new setup will require tha there is no hop and connections will need to be made directly to antigua. The porn was probably thrown in there in the event that something actually exists and gave the RECMP the right to go in with rams. The difference between this and a drug bust is the compexity of the issues involved. It is not a black and white case in regards to the betting laws so Starnet could probably drag this thing out for quite some time. That is not wise and they probably know that. Right now, the lawyers for Starnet are working closely and fully with the authorities to arrive at a conclusion to this as swiftly as possible. as I have said previously, I expect some charges, but not to the extent that has been predicted. I could be wrong, but despite all of the negative posts, the company is a cash cow and was ripe for government sanctioned slaughter. Read the SEC reports posted on their websites. The last report breaks down in depth how diverse the company is. the only thing in all of this that ticks me off is that they allowed licensees to accept bets from within Canada knowing full well that there may be jurisdictional isues involved. they set their own sites up such that you can't bet from North America unless you have a check sent elsewhere and you sign a statement that to the effect that you know the local laws and that you do not live in NA. For all of those bettors out there, we were able to bet on lasvegascasinos giving our real names and addresses and are expecting checks for proof. Cryptologic is perhaps going to be in for a surprise. Lastly, Starnet is trying to play the game as safely as possible. In the sec report they also indicae that they are in the process of updating their systems t verify addresses attached to credit cards to weed out bad cards and liars that try to bet. They plan on offering this system to all companies offering betting (for a fee) in an attempt to further clean up the industry. In short, I expect charges to be filed, but not to the extent that Starnet is not left with all of the components intact. there will be time and money lost on equipment relocation and setup as well as legal fees and probably fines. Good luck, Brian

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