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2006/12/07
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The old Chinese curse, “May you live in interesting times”, needs an addition: “May you live in interesting times, but be too terrified to notice”.
These are extraordinary times in Europe, with the post-1945 European integration settlement on the verge of collapse. It’s hard to overstate the stakes, other than to say that while the traditional European method of problem resolution (a million tons of steel hurtling across your border at speed) is not on the table, everything else is.
The collapse and breakup of the euro is now a serious possibility. If it happens, it will almost certainly be followed by explosive currency devaluations in most of the euro zone, followed by huge pressure on governments to introduce protective tariffs and the effective end of the single European market, one of the greatest achievements of post-war Europe.
In short, this is the poker table for serious players.
Then you look at German Chancellor Angela Merkel, who either has icewater in her veins or just doesn’t get it. The problem of the euro crisis has been that, all alone, the markets have kept seeing the euro zone’s stake, and raising it.
Less than a month ago, the latest attempt to restore confidence in the currency bloc, a (nominally) well-capitalised European Financial Stability Facility, supposedly able to bail out almost any EU country having difficulty paying its way, was announced.
The markets pondered it, and then the Greek prime minister, George Papandreou, committed an act of political hara-kiri (for him, anyway) by throwing the wild card of a referendum onto the table. This incensed the French and German leaders, now known to the average Jacques on the European street as “Merkozy”, who basically demanded that if the Greek people were to vote on anything, it would be on whether they were going to stay in the euro or not. Athens backed down and Papandreou resigned to be replaced by a non-political “technocrat.”
Pandora’s box of euros
But the markets had been listening. Merkel and French President Nicolas Sarkozy had opened the political Pandora’s Box by admitting that no, the euro zone was not inviolate, countries could leave. And with that, the markets’ accelerator pedal went down.
Bond rates are rising in Italy (also with a new non-political prime minister following Silvio Berlusconi’s resignation, in part due to his interest in curves other than those on bond rate charts) and Spain (despite a newly elected center-right government with a clear majority). Even Germany is beginning to struggle to sell its paper. A good day’s work, guys!
Now, all sorts of options are being bounced around European capitals and in the media, but all seem to hinge on core features.
The first is the “europeanization” of national debts, in an attempt to offer to the markets a “eurobond” backed by the solid economic power of the euro zone as a whole. In order for this to work, the markets have to be convinced that the whole enterprise is effectively being run by grown ups in Berlin who will keep everyone else’s sticky fingers off the newly replenished cookie jar. The currency bloc’s leaders have to do this while also completing the political three-card trick of getting consent from the people of the euro zone’s 17 members by convincing them that this is not a German takeover.
Difficult? Does Mitt Romney have a hair stylist?
Then there’s THE question: Can the European Central Bank (EC😎 become Europe’s lender of last resort, and start letting its printing presses run in an exercise in quantitative easing? This is the one that makes Merkel put on her Teutonic warrior queen get-up and go charging.
The hyperinflation of the Weimar era (and subsequent events of an Austrian moustachioed variety) is burned into the German folk memory, with stories of children needing wheelbarrows to bring money down to the local bakers. Germans were promised that the ECB would be a stern inflation-busting hawkish Bundesbank in all but name, and so the latest proposals are ringing alarm bells across Germany.
Destiny calls
For Merkel, these are the weeks that will not only decide her political future, but her place in European history. Can she bring the German people with her into an effective political union where Germany, if not picking up the tab, is effectively acting as everyone’s rich but stern grandma?
Can she make the massive u-turn on the ECB which just might make the markets finally take the European response to the sovereign debt crisis seriously? Can she convince the rest of Europe to accept a new treaty that will make the others, especially the Mediterranean coasters (in all senses of the word) run their national budgets like Germans? Most importantly, does she actually want to?
Or, will she freeze and be swept away in the economic chaos of the disintegration of the euro, followed very possibly by the European Union itself, going down in the history ebooks as Europe’s Herbert Hoover?
Whatever happens, this is going to be interesting.
These are extraordinary times in Europe, with the post-1945 European integration settlement on the verge of collapse. It’s hard to overstate the stakes, other than to say that while the traditional European method of problem resolution (a million tons of steel hurtling across your border at speed) is not on the table, everything else is.
The collapse and breakup of the euro is now a serious possibility. If it happens, it will almost certainly be followed by explosive currency devaluations in most of the euro zone, followed by huge pressure on governments to introduce protective tariffs and the effective end of the single European market, one of the greatest achievements of post-war Europe.
In short, this is the poker table for serious players.
Then you look at German Chancellor Angela Merkel, who either has icewater in her veins or just doesn’t get it. The problem of the euro crisis has been that, all alone, the markets have kept seeing the euro zone’s stake, and raising it.
Less than a month ago, the latest attempt to restore confidence in the currency bloc, a (nominally) well-capitalised European Financial Stability Facility, supposedly able to bail out almost any EU country having difficulty paying its way, was announced.
The markets pondered it, and then the Greek prime minister, George Papandreou, committed an act of political hara-kiri (for him, anyway) by throwing the wild card of a referendum onto the table. This incensed the French and German leaders, now known to the average Jacques on the European street as “Merkozy”, who basically demanded that if the Greek people were to vote on anything, it would be on whether they were going to stay in the euro or not. Athens backed down and Papandreou resigned to be replaced by a non-political “technocrat.”
Pandora’s box of euros
But the markets had been listening. Merkel and French President Nicolas Sarkozy had opened the political Pandora’s Box by admitting that no, the euro zone was not inviolate, countries could leave. And with that, the markets’ accelerator pedal went down.
Bond rates are rising in Italy (also with a new non-political prime minister following Silvio Berlusconi’s resignation, in part due to his interest in curves other than those on bond rate charts) and Spain (despite a newly elected center-right government with a clear majority). Even Germany is beginning to struggle to sell its paper. A good day’s work, guys!
Now, all sorts of options are being bounced around European capitals and in the media, but all seem to hinge on core features.
The first is the “europeanization” of national debts, in an attempt to offer to the markets a “eurobond” backed by the solid economic power of the euro zone as a whole. In order for this to work, the markets have to be convinced that the whole enterprise is effectively being run by grown ups in Berlin who will keep everyone else’s sticky fingers off the newly replenished cookie jar. The currency bloc’s leaders have to do this while also completing the political three-card trick of getting consent from the people of the euro zone’s 17 members by convincing them that this is not a German takeover.
Difficult? Does Mitt Romney have a hair stylist?
Then there’s THE question: Can the European Central Bank (EC😎 become Europe’s lender of last resort, and start letting its printing presses run in an exercise in quantitative easing? This is the one that makes Merkel put on her Teutonic warrior queen get-up and go charging.
The hyperinflation of the Weimar era (and subsequent events of an Austrian moustachioed variety) is burned into the German folk memory, with stories of children needing wheelbarrows to bring money down to the local bakers. Germans were promised that the ECB would be a stern inflation-busting hawkish Bundesbank in all but name, and so the latest proposals are ringing alarm bells across Germany.
Destiny calls
For Merkel, these are the weeks that will not only decide her political future, but her place in European history. Can she bring the German people with her into an effective political union where Germany, if not picking up the tab, is effectively acting as everyone’s rich but stern grandma?
Can she make the massive u-turn on the ECB which just might make the markets finally take the European response to the sovereign debt crisis seriously? Can she convince the rest of Europe to accept a new treaty that will make the others, especially the Mediterranean coasters (in all senses of the word) run their national budgets like Germans? Most importantly, does she actually want to?
Or, will she freeze and be swept away in the economic chaos of the disintegration of the euro, followed very possibly by the European Union itself, going down in the history ebooks as Europe’s Herbert Hoover?
Whatever happens, this is going to be interesting.
Join:
2006/12/07
Messages:
29893
The 2011 PokerStars.net Asia Pacific Poker Tour Macau Main Event completed on Sunday after a long day of action. Fifteen players returned to action on the last day of play, which made things last a tad bit longer than normal. To begin the day, Sangeeth Mohan was the man in charge. He held the chip lead to enter the day, but was not the one to walk away with the title. That man was Team PokerStars Online's Randy Lew. He topped Jimmy Pan in heads-up play to claim victory and earn HKD$3,772,000.
Sparrow Cheung was the first player eliminated on Day 4 and he was followed out the door by Josh Barrett, Tsugunari Toma, Daoxing Chen and Baton Fung before the tournament came to the final table bubble. Two tables were stacked with five players each with the final nine making the official APPT final table.
Falling on the final table bubble was the start-of-the-day chip leader Mohan. With the blinds at 25,000/50,000/5,000, Mohan opened from the button to 110,000. Kai Yat Fam was in the small blind and reraised to 380,000. Action moved back to Mohan and he four-bet to 710,000. Fam called.
The flop fell {Q-Diamonds}{10-Diamonds}{4-Hearts}, and Fam checked to Mohan. Mohan bet all of his chips and Fam quickly called with the {K-Diamonds}{J-Diamonds}. Mohan had flopped top set with {Q-Hearts}{Q-Clubs}, but wasn't in the clear yet. Fam held a big draw and spiked it on the turn when the {2-Diamonds} fell to give him a flush. The river failed to pair the board and Mohan was eliminated to officially set the final table.
Final Table Seat Draw and Chip Counts
Seat Player Chips
1 Randy Lew 750,000
2 Jeff Rossiter 1,725,000
3 Fabian Spiedelmann 2,295,000
4 Zuo Wang 2,180,000
5 David Steicke 965,000
6 Kai Yat Fam 4,515,000
7 Daniel Nordstrom 800,000
8 Jimmy Pan 2,010,000
9 Zheng Tai Tan 1,685,000
The first player to be eliminated at the final table was the man with the most major final table experience, David Steicke. Steicke was crippled to just a few big blinds before getting the last of his money in with {7-Diamonds}{4-Hearts}. He was up against Daniel Nordstrom and his {A-Spades}{A-Diamonds}. Despite flopping a straight draw on the {5-Clubs}{3-Clubs}{2-Diamonds} board, the {9-Clubs} turn and {10-Diamonds} river failed to give Steicke what he needed.
Next to go was Zheng Tai Tan in eighth place. He was all-in preflop with pocket deuces, but crushed by Jeff Rossiter's pocket eights. The board ran out {5-Diamonds}{5-Clubs}{3-Diamonds}{10-Diamonds}{9-Diamonds} and Tan hit the rail.
Nordstrom went out in seventh place and he fell at the hands of Rossiter as well. Then, in sixth place, was Fam. He was eliminated by Lew. After that, Zuo Wang fell in fifth and Fabian Spielmann in fourth.
When three-handed play began, Rossiter held the chip lead, but it would all soon disappear. Rossiter got into a battle with Lew that saw the two flip for nine million chips. Rossiter five-bet all-in and Lew made the call to put his tournament life on the line. Lew held {10-Spades}{10-Clubs} and Rossiter showed {A-Spades}{J-Hearts}. A clean board of {8-Hearts}{6-Diamonds}{2-Clubs}{K-Spades}{8-Diamonds} followed and Lew secured a double up.
Rossiter was eliminated on the next hand when he shoved the button with {10-Hearts}{9-Spades} and ran into Jimmy Pan's{A-Hearts}{Q-Clubs}. The board ran out {A-Spades}{K-Hearts}{5-Spades}{6-Clubs}{9-Diamonds}.
When heads-up play began, Lew had the slight edge. He was up 9 million to the 8.25 million for Pan. At the beginning of the match, Lew began to pull away, but then Pan doubled up to take the lead ten million to seven million. Lew stayed focused, though, and fought his way back in front. But then, he lost the lead again and was back up against the wall.
Lew came storming back to the lead after his pocket sixes held up against Pan's {A-Diamonds}{9-Spades}. Lew was all-in preflop for around 6 million and flopped a set with a six in the window. That win gave him a big lead of 13 million to 4.25 million, and the match ended shortly thereafter.
On the final hand, Lew and Pan got all of the money in on the {Q-Hearts}{10-Spades}{8-Spades} flop. Lew held the {Q-Diamonds}{10-Clubs} for top two pair and was up against Pan's {K-Diamonds}{Q-Spades}. The turn brought the {5-Clubs}, which left Pan needing just a king on the river. The {J-Clubs} fell and that was it. Pan was eliminated in second place while Team PokerStars Online's Lew took home the title.
This win is by far the largest of Lew's career. Prior to this score, his largest live cash came in January when Lew took 10th place in the Aussie Millions Main Event for AUD$100,000.
Final Table Results
Place Player Prize (HKD)
1 Randy Lew HKD$3,772,000
2 Jimmy Pan HKD$2,367,000
3 Jeff Rossier HKD$1,306,000
4 Fabian Spielmann HKD$1,019,000
5 Zuo Wang HKD$809,000
6 Kai Yat Fam HKD$653,000
7 Daniel Nordstrom HKD$498,000
8 Zheng Tai Tan HKD$373,000
9 David Steicke HKD$263,300
Sparrow Cheung was the first player eliminated on Day 4 and he was followed out the door by Josh Barrett, Tsugunari Toma, Daoxing Chen and Baton Fung before the tournament came to the final table bubble. Two tables were stacked with five players each with the final nine making the official APPT final table.
Falling on the final table bubble was the start-of-the-day chip leader Mohan. With the blinds at 25,000/50,000/5,000, Mohan opened from the button to 110,000. Kai Yat Fam was in the small blind and reraised to 380,000. Action moved back to Mohan and he four-bet to 710,000. Fam called.
The flop fell {Q-Diamonds}{10-Diamonds}{4-Hearts}, and Fam checked to Mohan. Mohan bet all of his chips and Fam quickly called with the {K-Diamonds}{J-Diamonds}. Mohan had flopped top set with {Q-Hearts}{Q-Clubs}, but wasn't in the clear yet. Fam held a big draw and spiked it on the turn when the {2-Diamonds} fell to give him a flush. The river failed to pair the board and Mohan was eliminated to officially set the final table.
Final Table Seat Draw and Chip Counts
Seat Player Chips
1 Randy Lew 750,000
2 Jeff Rossiter 1,725,000
3 Fabian Spiedelmann 2,295,000
4 Zuo Wang 2,180,000
5 David Steicke 965,000
6 Kai Yat Fam 4,515,000
7 Daniel Nordstrom 800,000
8 Jimmy Pan 2,010,000
9 Zheng Tai Tan 1,685,000
The first player to be eliminated at the final table was the man with the most major final table experience, David Steicke. Steicke was crippled to just a few big blinds before getting the last of his money in with {7-Diamonds}{4-Hearts}. He was up against Daniel Nordstrom and his {A-Spades}{A-Diamonds}. Despite flopping a straight draw on the {5-Clubs}{3-Clubs}{2-Diamonds} board, the {9-Clubs} turn and {10-Diamonds} river failed to give Steicke what he needed.
Next to go was Zheng Tai Tan in eighth place. He was all-in preflop with pocket deuces, but crushed by Jeff Rossiter's pocket eights. The board ran out {5-Diamonds}{5-Clubs}{3-Diamonds}{10-Diamonds}{9-Diamonds} and Tan hit the rail.
Nordstrom went out in seventh place and he fell at the hands of Rossiter as well. Then, in sixth place, was Fam. He was eliminated by Lew. After that, Zuo Wang fell in fifth and Fabian Spielmann in fourth.
When three-handed play began, Rossiter held the chip lead, but it would all soon disappear. Rossiter got into a battle with Lew that saw the two flip for nine million chips. Rossiter five-bet all-in and Lew made the call to put his tournament life on the line. Lew held {10-Spades}{10-Clubs} and Rossiter showed {A-Spades}{J-Hearts}. A clean board of {8-Hearts}{6-Diamonds}{2-Clubs}{K-Spades}{8-Diamonds} followed and Lew secured a double up.
Rossiter was eliminated on the next hand when he shoved the button with {10-Hearts}{9-Spades} and ran into Jimmy Pan's{A-Hearts}{Q-Clubs}. The board ran out {A-Spades}{K-Hearts}{5-Spades}{6-Clubs}{9-Diamonds}.
When heads-up play began, Lew had the slight edge. He was up 9 million to the 8.25 million for Pan. At the beginning of the match, Lew began to pull away, but then Pan doubled up to take the lead ten million to seven million. Lew stayed focused, though, and fought his way back in front. But then, he lost the lead again and was back up against the wall.
Lew came storming back to the lead after his pocket sixes held up against Pan's {A-Diamonds}{9-Spades}. Lew was all-in preflop for around 6 million and flopped a set with a six in the window. That win gave him a big lead of 13 million to 4.25 million, and the match ended shortly thereafter.
On the final hand, Lew and Pan got all of the money in on the {Q-Hearts}{10-Spades}{8-Spades} flop. Lew held the {Q-Diamonds}{10-Clubs} for top two pair and was up against Pan's {K-Diamonds}{Q-Spades}. The turn brought the {5-Clubs}, which left Pan needing just a king on the river. The {J-Clubs} fell and that was it. Pan was eliminated in second place while Team PokerStars Online's Lew took home the title.
This win is by far the largest of Lew's career. Prior to this score, his largest live cash came in January when Lew took 10th place in the Aussie Millions Main Event for AUD$100,000.
Final Table Results
Place Player Prize (HKD)
1 Randy Lew HKD$3,772,000
2 Jimmy Pan HKD$2,367,000
3 Jeff Rossier HKD$1,306,000
4 Fabian Spielmann HKD$1,019,000
5 Zuo Wang HKD$809,000
6 Kai Yat Fam HKD$653,000
7 Daniel Nordstrom HKD$498,000
8 Zheng Tai Tan HKD$373,000
9 David Steicke HKD$263,300
Join:
2006/12/07
Messages:
29893
The World Poker Tour Marrakech may not be one of the most glamorous stops on the poker circuit, but it might deliver one of the year’s most talented final tables. Just nine players remain at the €3,000 Main Event, including several big names hoping to make it to the official six-player final table.
However, before talking about the big names, we should talk about the chip leader – local player Mohamed Ali Houssam, who has built a stack of over 1.3 million chips in order to have the chip lead late in the tournament. He is one of two Moroccan players in the top three, as Hassan Fares is sitting in third place with just above 1.1 million in chips.
These two locals will have their work cut out for them, though, as they’ll have to face off against some of the world’s best players in the final stretches of the tournament. WSOP Main Event champion Jonathan Duhamel is sitting in second places with over 1.1 million in chips, and looks to be in great position to contend for another major title. Also in the hunt is Bertrand “ElkY” Grospellier, who holds 904,000 in chips, good for 6th place.
Perhaps lesser known – but just as talented – is French pro Arnaud Mattern, who has over $2 million in live tournament earnings. He sits in 5th place with 952,000.
The entire final table is rather tightly packed, with even the 8th placed player – Maksim Martinov – having about half of the chip leader’s stack. Only 9th place Sebastien Ta is truly short stacked, holding just 282,000 chips.
Heading into the final table, each player was guaranteed to win at least €21,161 (about $28,000), while the winner will ultimately take home €201,700 (about $268,400). The official chip counts going into the final nine are as follows:
Mohamed Ali Houssam - 1,330,000
Jonathan Duhamel - 1,126,000
Hassan Fares - 1,110,000
Toufil Ourini - 1,054,000
Arnaud Mattern - 952,000
Bertrand Grospellier - 904,000
Rodney Assous - 813,000
Maksim Martinov - 646,000
Sebastien Ta - 282,000
However, before talking about the big names, we should talk about the chip leader – local player Mohamed Ali Houssam, who has built a stack of over 1.3 million chips in order to have the chip lead late in the tournament. He is one of two Moroccan players in the top three, as Hassan Fares is sitting in third place with just above 1.1 million in chips.
These two locals will have their work cut out for them, though, as they’ll have to face off against some of the world’s best players in the final stretches of the tournament. WSOP Main Event champion Jonathan Duhamel is sitting in second places with over 1.1 million in chips, and looks to be in great position to contend for another major title. Also in the hunt is Bertrand “ElkY” Grospellier, who holds 904,000 in chips, good for 6th place.
Perhaps lesser known – but just as talented – is French pro Arnaud Mattern, who has over $2 million in live tournament earnings. He sits in 5th place with 952,000.
The entire final table is rather tightly packed, with even the 8th placed player – Maksim Martinov – having about half of the chip leader’s stack. Only 9th place Sebastien Ta is truly short stacked, holding just 282,000 chips.
Heading into the final table, each player was guaranteed to win at least €21,161 (about $28,000), while the winner will ultimately take home €201,700 (about $268,400). The official chip counts going into the final nine are as follows:
Mohamed Ali Houssam - 1,330,000
Jonathan Duhamel - 1,126,000
Hassan Fares - 1,110,000
Toufil Ourini - 1,054,000
Arnaud Mattern - 952,000
Bertrand Grospellier - 904,000
Rodney Assous - 813,000
Maksim Martinov - 646,000
Sebastien Ta - 282,000
Join:
2006/12/07
Messages:
29893
Almost $33 million has been spent by lobbyists in payments and political donations in 2011 by varied interest groups that are looking for a slice of the profits to be had from online gaming, but the lobbying groups are in disagreement over whether online poker should be regulated at the state or federal level.
Rep. Mary Bono Mack (R-CA), chairman of the House Subcommittee on Commerce, Manufacturing, and Trade, which has jurisdiction on the internet gambling issue and has already held two hearings on the matter, said that the big money lobbying campaigns are hard to miss as each group presses to have their interests or messages heard.
“Increased lobbying brings the issue to the forefront of what the members are paying attention to,” Bono Mack said, pointing out that online poker supporters have made their feelings known with a large number of posts on her Twitter account and Facebook page.
In the lobbying battle between federal and state regulation lobbyists, one of the biggest spenders in the game revealed which side of the fence they were on. “We prefer federal legislation,” said Poker Players Alliance (PPA) Executive Director John Pappas. Since the beginning of the year, the PPA has doled out over $1 million to send 20 lobbyists to Washington in an effort to garner support for federal regulations to legalize internet poker.
Although admitting that lobbyists can be a powerful force in getting a group’s message across, Pappas also feels that the efforts made by online poker players themselves who are PPA members also has considerable value that can sometimes be as effective as traditional lobbying efforts to persuade and influence lawmakers.
“We’ve had tens of thousands of letters sent to Capitol Hill, hundreds of personal visits by individual poker players who care about this issue,” Pappas said. “Lobbyists are just a bunch of suits. Our 1.2 million members are really the heart and soul of our organization.”
One factor that may presently be standing in the way of state-regulated gaming is the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, which prohibits financial institutions or companies from conducting monetary transactions involving internet gaming. Whether the UIGEA permits individual states to provide and run their own online gambling systems is still being debated by lawmakers
Two proposed federal bills, one to regulate online poker and the other aimed at legalizing all forms of internet gambling, are now pending before Congress. Las Vegas casinos are also pushing for federal legislation to be enacted as opposed to state regulations.
“There are large gaming companies and large technology companies that are working for a federal bill,” said Sanford I. Millar, a Los Angeles-based attorney who represents clients in the internet gaming industry. “Working against those interests at the federal level are significant separate state interests, such as tribes, card clubs and racetracks,” Millar added. “Each of them has a separate and distinct business model they’re trying to protect.”
Tribal gaming interests have spent over $11 million in lobbying efforts this year. Most are opposed to federal legislation that could take away their regular casino customers. Many fear that Indian tribes would not be able to go up against land-based casinos in an online market and that their lucrative casino profits would suffer as a result. But some tribes are better-suited than others to provide and benefit from online poker.
“To be sure, 100 percent of the tribes would face new competition with the authorization of online gambling, while only a few would have the financial strength to compete with those who are granted new online gaming franchises,” Morongo Chairman Robert Martin said recently.
“The tribes have various viewpoints,” Bono Mack said. “and they’re all valid.” During the subcommittee hearing, Bono Mack alluded to the prominent role that Indian gaming plays in her constituency, a sign that may signal that she is leaning toward a state-regulated approach to online poker legislation in an effort to appease the tribes: “In my own Congressional District, tribal gaming has been a huge plus, with seven casinos supporting thousands of jobs during these difficult economic times. The tribes have been great neighbors too, contributing regularly to charities and civic events.”
The horse-racing industry is also closely involved in the federal and state regulation debate. Internet wagering on horse racing is permitted in many states and it is the only current legalized online gambling allowed in the U.S. The horse-racing industry is seeking benefits in a federal bill that would legalize internet poker.
“We have the exclusive in that space now,” said John Rubinstein, vice president for development at Del Mar Thoroughbred Club. “If there is an expansion in internet wagering, we want to make sure we’re involved and continue to prosper.”
As it stands now, 48 states and the District of Columbia permit some type of gambling, whether it be wagering in Atlantic City or Las Vegas, at tribal gaming casinos, or betting on horses or state lotteries. In 2010, commercial gambling tallied over $60 billion in revenue throughout the U.S. Of that total, about $26 billion went to Indian tribes, according to statistics provided by the U.S. Senate Committee on Indian Affairs.
Still remaining up for grabs is the billions of dollars that Americans are wagering annually on untaxed and unregulated offshore poker websites. And that’s the target the lobbyists are aiming for.
Rep. Mary Bono Mack (R-CA), chairman of the House Subcommittee on Commerce, Manufacturing, and Trade, which has jurisdiction on the internet gambling issue and has already held two hearings on the matter, said that the big money lobbying campaigns are hard to miss as each group presses to have their interests or messages heard.
“Increased lobbying brings the issue to the forefront of what the members are paying attention to,” Bono Mack said, pointing out that online poker supporters have made their feelings known with a large number of posts on her Twitter account and Facebook page.
In the lobbying battle between federal and state regulation lobbyists, one of the biggest spenders in the game revealed which side of the fence they were on. “We prefer federal legislation,” said Poker Players Alliance (PPA) Executive Director John Pappas. Since the beginning of the year, the PPA has doled out over $1 million to send 20 lobbyists to Washington in an effort to garner support for federal regulations to legalize internet poker.
Although admitting that lobbyists can be a powerful force in getting a group’s message across, Pappas also feels that the efforts made by online poker players themselves who are PPA members also has considerable value that can sometimes be as effective as traditional lobbying efforts to persuade and influence lawmakers.
“We’ve had tens of thousands of letters sent to Capitol Hill, hundreds of personal visits by individual poker players who care about this issue,” Pappas said. “Lobbyists are just a bunch of suits. Our 1.2 million members are really the heart and soul of our organization.”
One factor that may presently be standing in the way of state-regulated gaming is the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, which prohibits financial institutions or companies from conducting monetary transactions involving internet gaming. Whether the UIGEA permits individual states to provide and run their own online gambling systems is still being debated by lawmakers
Two proposed federal bills, one to regulate online poker and the other aimed at legalizing all forms of internet gambling, are now pending before Congress. Las Vegas casinos are also pushing for federal legislation to be enacted as opposed to state regulations.
“There are large gaming companies and large technology companies that are working for a federal bill,” said Sanford I. Millar, a Los Angeles-based attorney who represents clients in the internet gaming industry. “Working against those interests at the federal level are significant separate state interests, such as tribes, card clubs and racetracks,” Millar added. “Each of them has a separate and distinct business model they’re trying to protect.”
Tribal gaming interests have spent over $11 million in lobbying efforts this year. Most are opposed to federal legislation that could take away their regular casino customers. Many fear that Indian tribes would not be able to go up against land-based casinos in an online market and that their lucrative casino profits would suffer as a result. But some tribes are better-suited than others to provide and benefit from online poker.
“To be sure, 100 percent of the tribes would face new competition with the authorization of online gambling, while only a few would have the financial strength to compete with those who are granted new online gaming franchises,” Morongo Chairman Robert Martin said recently.
“The tribes have various viewpoints,” Bono Mack said. “and they’re all valid.” During the subcommittee hearing, Bono Mack alluded to the prominent role that Indian gaming plays in her constituency, a sign that may signal that she is leaning toward a state-regulated approach to online poker legislation in an effort to appease the tribes: “In my own Congressional District, tribal gaming has been a huge plus, with seven casinos supporting thousands of jobs during these difficult economic times. The tribes have been great neighbors too, contributing regularly to charities and civic events.”
The horse-racing industry is also closely involved in the federal and state regulation debate. Internet wagering on horse racing is permitted in many states and it is the only current legalized online gambling allowed in the U.S. The horse-racing industry is seeking benefits in a federal bill that would legalize internet poker.
“We have the exclusive in that space now,” said John Rubinstein, vice president for development at Del Mar Thoroughbred Club. “If there is an expansion in internet wagering, we want to make sure we’re involved and continue to prosper.”
As it stands now, 48 states and the District of Columbia permit some type of gambling, whether it be wagering in Atlantic City or Las Vegas, at tribal gaming casinos, or betting on horses or state lotteries. In 2010, commercial gambling tallied over $60 billion in revenue throughout the U.S. Of that total, about $26 billion went to Indian tribes, according to statistics provided by the U.S. Senate Committee on Indian Affairs.
Still remaining up for grabs is the billions of dollars that Americans are wagering annually on untaxed and unregulated offshore poker websites. And that’s the target the lobbyists are aiming for.
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Rep. G.K. Butterfield (D-NC), a ranking member of the House Subcommittee on Commerce, Manufacturing, and Trade, sent a letter to the Chairman of the subcommittee, Rep. Mary Bono Mack (R-CA), urging her to invite authorities from various federal agencies, including the Department of Justice (DoJ), to testify at the next online poker hearing since several of those agencies are expected to oversee regulations of online gaming and poker if legislation is to be enacted at the federal level.
The subcommittee, which held internet gaming hearings in October and November, has listened to witness testimony from representatives of the National Council on Problem Gambling, National Indian Gaming Association and the American Gaming Association, to name just a few. However, Butterfield is of the opinion that the subcommittee “cannot obtain informed answers about the effectiveness of gambling regulation or consumer protection if we fail to invite key federal government agencies to testify as witnesses.”
The lawmaker from North Carolina has suggested to Bono Mack that the next gambling hearing’s witness list should include voices from the U.S. Department of Commerce, Department of the Treasury and the Federal Trade Commission, in addition to the DoJ.
The legalization of online gaming would call on several federal bodies, each having different roles, Butterfield said. Currently, the DoJ is responsible for enforcing the Wire Act, which it has used in the past to treat internet gambling as illegal. The DoJ also administers the Unlawful Internet Gambling Enforcement Act (UIGEA), the statute that forbids banks and financial institutions from accepting checks, wire transfers, credit card charges and other types of payments affiliated with unlawful online wagers. The Department of the Treasury, under UIGEA, was required to establish procedures and regulations pertaining to financial institutions that would “identify and block or otherwise prevent or prohibit restricted transactions.”
Of the two bills currently before Congress proposing legalization of online poker, HR1174, co-authored by Representatives Barney Frank (D-MA) and John Campbell (R-CA), the Department of the Treasury would be responsible for implementing the licensing for online gambling sites. Under HR2366, Rep. Joe Barton’s (R-TX) bill, the Department of Commerce would be in charge of overseeing the tribal or state licensing of internet poker vendors. Although it hasn’t been mentioned in the current proposed bills, the Federal Trade Commission administers marketing and fair business practices and has the required e-commerce expertise needed to protect internet gamblers’ data and privacy.
It is apparent that Butterfield has a point in suggesting that federal regulators need to be heard from in the debate of online gaming and poker legislation. Testimony from the DoJ would be especially compelling in light of the Black Friday indictments of the three largest poker websites that has changed the entire landscape of the online poker industry, virtually shutting down play to U.S. players and affecting, among others, the livelihood of thousands of online poker pros.
If Bono Mack concurs with Butterfield’s suggestion of inviting federal authorities to provide testimony at the next subcommittee hearing on internet gaming, which has yet to be scheduled, it will be interesting to see who from the DoJ will be called upon as a witness. Preet Bharara, the U.S. Attorney from the Southern District of New York who is responsible for the fraud and money laundering charges levied against PokerStars, Full Tilt and Absolute Poker, would be a compelling witness, to say the least. By labeling Full Tilt Poker a “global Ponzi scheme” a couple of months ago, Bharara has caught the attention of many business and financial industry executives who would normally not be interested in the happenings of the poker industry.
The DoJ is also currently involved in acquisition negotiations with Groupe Bernard Tapie (GBT) and Full Tilt in which GBT has agreed to purchase the shuttered poker site for $80 million after Full Tilt’s shareholders agree to forfeit the company assets to the DoJ. As part of the deal, GBT is expected to pay back non-U.S. players, while the DoJ has accepted responsibility to reimburse U.S. players with unpaid account balances who file claims for their money directly to the DoJ. In any DoJ testimony at an upcoming subcommittee gaming hearing, it is not known how much information the DoJ would provide on either the Black Friday indictments, the sale of Full Tilt to the French investment firm of GBT or the reimbursement of Full Tilt’s U.S. players. The DoJ has, in the past, shied away from making any elaborate statements or comments in such matters that are ongoing or pending, except for the “global Ponzi scheme” statement.
Butterfield’s letter to Bono Mack also mentions the problem of underage children having access to online gambling activities. In citing October 2010 research conducted by the Annenberg Public Policy Center, the study found that more than 6% of boys in the age range of 14 to 17, approximately 530,000 adolescent boys, admitted to using an online gambling site in September of the same year. The rate for teenage girls was lower, but increasing. In addition, several U.S. newspapers have reported that gaming sites located offshore were profiting from bets placed on high school football games. And in the United Kingdom, it is known to be common for wagers to be accepted for teenage soccer matches. Butterfiled notes that these are some of the challenges faced by federal regulators in regards to the regulation of online gaming.
“If the Subcommittee is to proceed with the federal legalization and regulation of Internet gambling, it must do it right. I respectfully request that our Subcommittee seek formal comments from federal entities that would be involved with any legalized gambling regime,” Butterfield concludes, in his pr
The subcommittee, which held internet gaming hearings in October and November, has listened to witness testimony from representatives of the National Council on Problem Gambling, National Indian Gaming Association and the American Gaming Association, to name just a few. However, Butterfield is of the opinion that the subcommittee “cannot obtain informed answers about the effectiveness of gambling regulation or consumer protection if we fail to invite key federal government agencies to testify as witnesses.”
The lawmaker from North Carolina has suggested to Bono Mack that the next gambling hearing’s witness list should include voices from the U.S. Department of Commerce, Department of the Treasury and the Federal Trade Commission, in addition to the DoJ.
The legalization of online gaming would call on several federal bodies, each having different roles, Butterfield said. Currently, the DoJ is responsible for enforcing the Wire Act, which it has used in the past to treat internet gambling as illegal. The DoJ also administers the Unlawful Internet Gambling Enforcement Act (UIGEA), the statute that forbids banks and financial institutions from accepting checks, wire transfers, credit card charges and other types of payments affiliated with unlawful online wagers. The Department of the Treasury, under UIGEA, was required to establish procedures and regulations pertaining to financial institutions that would “identify and block or otherwise prevent or prohibit restricted transactions.”
Of the two bills currently before Congress proposing legalization of online poker, HR1174, co-authored by Representatives Barney Frank (D-MA) and John Campbell (R-CA), the Department of the Treasury would be responsible for implementing the licensing for online gambling sites. Under HR2366, Rep. Joe Barton’s (R-TX) bill, the Department of Commerce would be in charge of overseeing the tribal or state licensing of internet poker vendors. Although it hasn’t been mentioned in the current proposed bills, the Federal Trade Commission administers marketing and fair business practices and has the required e-commerce expertise needed to protect internet gamblers’ data and privacy.
It is apparent that Butterfield has a point in suggesting that federal regulators need to be heard from in the debate of online gaming and poker legislation. Testimony from the DoJ would be especially compelling in light of the Black Friday indictments of the three largest poker websites that has changed the entire landscape of the online poker industry, virtually shutting down play to U.S. players and affecting, among others, the livelihood of thousands of online poker pros.
If Bono Mack concurs with Butterfield’s suggestion of inviting federal authorities to provide testimony at the next subcommittee hearing on internet gaming, which has yet to be scheduled, it will be interesting to see who from the DoJ will be called upon as a witness. Preet Bharara, the U.S. Attorney from the Southern District of New York who is responsible for the fraud and money laundering charges levied against PokerStars, Full Tilt and Absolute Poker, would be a compelling witness, to say the least. By labeling Full Tilt Poker a “global Ponzi scheme” a couple of months ago, Bharara has caught the attention of many business and financial industry executives who would normally not be interested in the happenings of the poker industry.
The DoJ is also currently involved in acquisition negotiations with Groupe Bernard Tapie (GBT) and Full Tilt in which GBT has agreed to purchase the shuttered poker site for $80 million after Full Tilt’s shareholders agree to forfeit the company assets to the DoJ. As part of the deal, GBT is expected to pay back non-U.S. players, while the DoJ has accepted responsibility to reimburse U.S. players with unpaid account balances who file claims for their money directly to the DoJ. In any DoJ testimony at an upcoming subcommittee gaming hearing, it is not known how much information the DoJ would provide on either the Black Friday indictments, the sale of Full Tilt to the French investment firm of GBT or the reimbursement of Full Tilt’s U.S. players. The DoJ has, in the past, shied away from making any elaborate statements or comments in such matters that are ongoing or pending, except for the “global Ponzi scheme” statement.
Butterfield’s letter to Bono Mack also mentions the problem of underage children having access to online gambling activities. In citing October 2010 research conducted by the Annenberg Public Policy Center, the study found that more than 6% of boys in the age range of 14 to 17, approximately 530,000 adolescent boys, admitted to using an online gambling site in September of the same year. The rate for teenage girls was lower, but increasing. In addition, several U.S. newspapers have reported that gaming sites located offshore were profiting from bets placed on high school football games. And in the United Kingdom, it is known to be common for wagers to be accepted for teenage soccer matches. Butterfiled notes that these are some of the challenges faced by federal regulators in regards to the regulation of online gaming.
“If the Subcommittee is to proceed with the federal legalization and regulation of Internet gambling, it must do it right. I respectfully request that our Subcommittee seek formal comments from federal entities that would be involved with any legalized gambling regime,” Butterfield concludes, in his pr
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Mohamed Ali Houssam has beaten 246 opponents at the World Poker Tour Marrakech in Casino Es Saadi in the Moroccan capital.
The €2,700 + €300 buy attracted a larger field than last year and generated a $267,011 top prize.
The normal WPT final table of six was expanded to nine to accommodate several big name stars such as Bertrand “ElkY” Grospellier, Jonathan Duhamel and Arnaud Mattern.
However ElkY busted in eighth and Duhamel in seventh leaving just Mattern among the recognisable names but he too fell short of the big money with a fourth place finish for a decent payday of $69,778.
Houssam and his heads up opponent and fellow Moroccan were virtually even in chips wen their duel commenced. The final hand happened about 40 minutes later after Houssam had ground out a 2:1 chip lead.
The pair see a flop of KClub Suit 8Diamond Suit 3Spade Suit and both check. The turn was QDiamond Suit. Ourini bet 370,000, Houssam raised to around 800,000, Ourini moved all-in and Houssam called.
Houssam flips over 8Club Suit 8Spade Suit for a flopped set while Ourini shows KSpade Suit JHeart Suit while the 6Heart Suit on the river changed nothing and Houssam was the victor.
The final table payouts were:
1: Mohamed Ali Houssam — $267,011 (900 POY points)
2: Toufik Ourini — $166,374 (750 POY points)
3: Maksim Martinov — $107,340 (600 POY points)
4: Arnaud Mattern — $69,778 (450 POY points)
5: Hassan Fares — $50,991 (375 POY points)
6: Rodney Assous — $41,322 (300 POY points)
The €2,700 + €300 buy attracted a larger field than last year and generated a $267,011 top prize.
The normal WPT final table of six was expanded to nine to accommodate several big name stars such as Bertrand “ElkY” Grospellier, Jonathan Duhamel and Arnaud Mattern.
However ElkY busted in eighth and Duhamel in seventh leaving just Mattern among the recognisable names but he too fell short of the big money with a fourth place finish for a decent payday of $69,778.
Houssam and his heads up opponent and fellow Moroccan were virtually even in chips wen their duel commenced. The final hand happened about 40 minutes later after Houssam had ground out a 2:1 chip lead.
The pair see a flop of KClub Suit 8Diamond Suit 3Spade Suit and both check. The turn was QDiamond Suit. Ourini bet 370,000, Houssam raised to around 800,000, Ourini moved all-in and Houssam called.
Houssam flips over 8Club Suit 8Spade Suit for a flopped set while Ourini shows KSpade Suit JHeart Suit while the 6Heart Suit on the river changed nothing and Houssam was the victor.
The final table payouts were:
1: Mohamed Ali Houssam — $267,011 (900 POY points)
2: Toufik Ourini — $166,374 (750 POY points)
3: Maksim Martinov — $107,340 (600 POY points)
4: Arnaud Mattern — $69,778 (450 POY points)
5: Hassan Fares — $50,991 (375 POY points)
6: Rodney Assous — $41,322 (300 POY points)
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This year has been a rough one, to say the least, for online poker players in the United States. It’s about time we had a feel good story, isn’t it? Over the Thanksgiving weekend, American expatriate Randy “nanonoko” Lew won the Asia Pacific Poker Tour (APPT) Macau Main Event, an early Christmas present in a year that had to be the most frustrating in the online star’s life in quite some time.
Lew is, to put it simply, a legend in the online poker community. A member of Team PokerStars: Online, Lew discovered poker in college, as many young people do nowadays. He dabbled in it a bit, losing money, but as he played more, he became driven to succeed. Using a sort of trial and error style, he started to figure out what worked and what didn’t and became a winning player. Then he found out about PokerStars’ Supernova Elite status, which rewards the highest raking players (and we mean HIGHEST) with all sorts of goodies, including live tournament packages and cash. Very few players ever achieve Supernova elite each year, but Lew, who goes by the screen name “nanonoko” decided that he wanted to reach those heights.
To do so, he realized that he needed to multi-table. And not just a few tables at once. He started with a handful to get himself going, but eventually he made it up to 24 tables simultaneously. Because he plays so many tables at once, he also doesn’t need to play ultra-high stakes in order to reach Supernova Elite or make large sums of money. Over the last few years, Lew has played most of his hands at the $5/$10 No-Limit Hold’em tables or lower. His skill, concentration, and dedication, allowed him to hit Supernova Elite every year from 2007 through 2010, cementing his almost mythical status in the online poker community. According to PokerTableRatings.com, since the end of August 2008, Lew has played over 5 million hands online and won over $2.3 million. And that’s not counting his Supernova Elite rewards.
Lew was likely going to hit Supernova Elite again this year, but Black Friday stopped him in his tracks. He was in the process of building a house in the United States and grinding as usual when Black Friday crushed the U.S. online poker market. He could no longer play at the site on which he was a pro. Lew made the decision to move to Vancouver and began playing again in September, kicking things off with a $1.50 hyper turbo Sit-and-Go on PokerStars at the request of a Facebook fan. He recorded the entire thing, with commentary, and almost doubled his buy-in by coming in second. That’s an example of part of what has made him so popular. He is one of the nicest guys around, he doesn’t take himself too seriously, and is open and honest about his play.
As for APPT Macau, Lew went into the final table as the short stack and almost didn’t make it past 9th place. He found himself all-in with pocket Queens, up against David Steicke’s pocket Aces, but Lew found another Queen in the deck and doubled-up. Going into heads-up play, Lew had a small chip lead, but eventually found himself all-in and covered with 6-6 against Jimmy Pan’s A-9. A set of Sixes kept Lew alive and with the lead. In the final hand, both had hands that they couldn’t get away from on a flop of Q-T-8: Lew’s Q-T versus Pan’s K-Q. The 5 and Jack on the turn and river were no help to Pan, allowing Randy “nanonoko” Lew to win his first ever live tournament and almost half a million dollars.
Asia Pacific Poker Tour Macau – Final Table Results
1. Randy Lew – $484,617
2. Jimmy Pan – $304,106
3. Jeff Rossiter – $167,791
4. Fabian Spielmann – $130,918
5. Zuo Wang – $103,938
6. Kai Yat Fam – $83,896
7. Daniel Nordstrom – $63,982
8. Tan Tai Zheng – $47,922
9. David Steicke – $33,828
Lew is, to put it simply, a legend in the online poker community. A member of Team PokerStars: Online, Lew discovered poker in college, as many young people do nowadays. He dabbled in it a bit, losing money, but as he played more, he became driven to succeed. Using a sort of trial and error style, he started to figure out what worked and what didn’t and became a winning player. Then he found out about PokerStars’ Supernova Elite status, which rewards the highest raking players (and we mean HIGHEST) with all sorts of goodies, including live tournament packages and cash. Very few players ever achieve Supernova elite each year, but Lew, who goes by the screen name “nanonoko” decided that he wanted to reach those heights.
To do so, he realized that he needed to multi-table. And not just a few tables at once. He started with a handful to get himself going, but eventually he made it up to 24 tables simultaneously. Because he plays so many tables at once, he also doesn’t need to play ultra-high stakes in order to reach Supernova Elite or make large sums of money. Over the last few years, Lew has played most of his hands at the $5/$10 No-Limit Hold’em tables or lower. His skill, concentration, and dedication, allowed him to hit Supernova Elite every year from 2007 through 2010, cementing his almost mythical status in the online poker community. According to PokerTableRatings.com, since the end of August 2008, Lew has played over 5 million hands online and won over $2.3 million. And that’s not counting his Supernova Elite rewards.
Lew was likely going to hit Supernova Elite again this year, but Black Friday stopped him in his tracks. He was in the process of building a house in the United States and grinding as usual when Black Friday crushed the U.S. online poker market. He could no longer play at the site on which he was a pro. Lew made the decision to move to Vancouver and began playing again in September, kicking things off with a $1.50 hyper turbo Sit-and-Go on PokerStars at the request of a Facebook fan. He recorded the entire thing, with commentary, and almost doubled his buy-in by coming in second. That’s an example of part of what has made him so popular. He is one of the nicest guys around, he doesn’t take himself too seriously, and is open and honest about his play.
As for APPT Macau, Lew went into the final table as the short stack and almost didn’t make it past 9th place. He found himself all-in with pocket Queens, up against David Steicke’s pocket Aces, but Lew found another Queen in the deck and doubled-up. Going into heads-up play, Lew had a small chip lead, but eventually found himself all-in and covered with 6-6 against Jimmy Pan’s A-9. A set of Sixes kept Lew alive and with the lead. In the final hand, both had hands that they couldn’t get away from on a flop of Q-T-8: Lew’s Q-T versus Pan’s K-Q. The 5 and Jack on the turn and river were no help to Pan, allowing Randy “nanonoko” Lew to win his first ever live tournament and almost half a million dollars.
Asia Pacific Poker Tour Macau – Final Table Results
1. Randy Lew – $484,617
2. Jimmy Pan – $304,106
3. Jeff Rossiter – $167,791
4. Fabian Spielmann – $130,918
5. Zuo Wang – $103,938
6. Kai Yat Fam – $83,896
7. Daniel Nordstrom – $63,982
8. Tan Tai Zheng – $47,922
9. David Steicke – $33,828
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American players dominated The Venetian Deep Stack Extravaganza IV $2,500 buy-in Texas Hold’em main event in Las Vegas, filling the top 17 spots as Washington’s Scott Clements collected the $145,775 top prize for his tournament triumph.
Three days’ play at The Venetian Resort Hotel Casino saw Clements defeat Zachary Fahmie, of Henderson in Nevada, in a heads-up clash that ended with the latter leaving $89,892 richer for his runner-up spot.
Portland’s Ryan Welch, who collected a World Series of Poker (WSOP) bracelet in 2010 for winning a $3,000 buy-in Triple Chance No-Limit Hold’em event, was eliminated in third spot for $60,738.
Clements has enjoyed a great career with successes at the WSOP $3,000 Omaha Hi-Lo Split 8 or better in 2006 for $301,175, as well as a $194,206 pay day for collecting a $1,500 Pot-Limit Omaha Poker event as the series a year later.
That’s not all, though, as the 30-year-old also has 19 other WSOP cash finishes for a series total of $1,551,759, while he has been able to add two World Poker Tour (WPT) titles with victory at the CAN$2,500 Canadian Poker Open at the Niagara Fallsview Casino Resort for $222,051 in 2006 and the CAN$10,000 No-Limit Hold’em championship event for $1,505,312 the following year at the same Ontario venue.
He now sits on almost $5.5million for his tournament career after taking the biggest share of a prize pool of $607,380 after a healthy 265 players paid the buy-in.
Meanwhile, Texan Larry Wright left with $43,124 in fourth, and Las Vegas resident Jeff Finkelstein took home $33,406 with his fifth-place finish.
Other notable players to make deep runs included New York State’s Kevin Calenzo (ninth for $15,792), Vegas-based Thong Tran (10th for $12,451), Nevada’s Cody Slaubaugh (16th for $7,592), Vegas players Matt Berkey (17th for $7,592) and Jeff Sluzinski (20th for $6,681), Nevada’s Ted Lawson (21st for $6,681), Benjamin Palmer (22nd for $6,681), of Gainsville in Florida, Japanese Motoyuki Mabuchi (24th for $6,681) and Montana’s Tyson Marks (26th for $6,681).
The highest-placed non-American was Germany’s Yunas Jamal, the Berlin player collecting $7,592 for ending the tournament in 18th.
Jamal was closely followed by 19th-placed Canadian Gavin Smith, with the Nevada-based Ontarian entrant picking up $6,681.
Smith’s best career finish still remains his $2,500 Mixed Hold’em (Limit/No-Limit) event success at last year’s WSOP for $268,238.
Venetian Deep Stack Extravaganza IV Top 10 Placings and Payouts
1. Scott Clements (USA) – $145,775
2. Zachary Fahmie (USA) – $89,892
3. Ryan Welch (USA) – $60,738
4. Larry Wright (USA) – $43,124
5. Jeff Finkelstein (USA) – $33,406
6. William Holt (USA) – $27,332
7. Daniel Colinge (USA) – $22,777
Three days’ play at The Venetian Resort Hotel Casino saw Clements defeat Zachary Fahmie, of Henderson in Nevada, in a heads-up clash that ended with the latter leaving $89,892 richer for his runner-up spot.
Portland’s Ryan Welch, who collected a World Series of Poker (WSOP) bracelet in 2010 for winning a $3,000 buy-in Triple Chance No-Limit Hold’em event, was eliminated in third spot for $60,738.
Clements has enjoyed a great career with successes at the WSOP $3,000 Omaha Hi-Lo Split 8 or better in 2006 for $301,175, as well as a $194,206 pay day for collecting a $1,500 Pot-Limit Omaha Poker event as the series a year later.
That’s not all, though, as the 30-year-old also has 19 other WSOP cash finishes for a series total of $1,551,759, while he has been able to add two World Poker Tour (WPT) titles with victory at the CAN$2,500 Canadian Poker Open at the Niagara Fallsview Casino Resort for $222,051 in 2006 and the CAN$10,000 No-Limit Hold’em championship event for $1,505,312 the following year at the same Ontario venue.
He now sits on almost $5.5million for his tournament career after taking the biggest share of a prize pool of $607,380 after a healthy 265 players paid the buy-in.
Meanwhile, Texan Larry Wright left with $43,124 in fourth, and Las Vegas resident Jeff Finkelstein took home $33,406 with his fifth-place finish.
Other notable players to make deep runs included New York State’s Kevin Calenzo (ninth for $15,792), Vegas-based Thong Tran (10th for $12,451), Nevada’s Cody Slaubaugh (16th for $7,592), Vegas players Matt Berkey (17th for $7,592) and Jeff Sluzinski (20th for $6,681), Nevada’s Ted Lawson (21st for $6,681), Benjamin Palmer (22nd for $6,681), of Gainsville in Florida, Japanese Motoyuki Mabuchi (24th for $6,681) and Montana’s Tyson Marks (26th for $6,681).
The highest-placed non-American was Germany’s Yunas Jamal, the Berlin player collecting $7,592 for ending the tournament in 18th.
Jamal was closely followed by 19th-placed Canadian Gavin Smith, with the Nevada-based Ontarian entrant picking up $6,681.
Smith’s best career finish still remains his $2,500 Mixed Hold’em (Limit/No-Limit) event success at last year’s WSOP for $268,238.
Venetian Deep Stack Extravaganza IV Top 10 Placings and Payouts
1. Scott Clements (USA) – $145,775
2. Zachary Fahmie (USA) – $89,892
3. Ryan Welch (USA) – $60,738
4. Larry Wright (USA) – $43,124
5. Jeff Finkelstein (USA) – $33,406
6. William Holt (USA) – $27,332
7. Daniel Colinge (USA) – $22,777
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2006/12/07
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Zynga Poker is bigger than any online poker site or network on the internet. There are more than 30 million users per month – all of them active. It dwarfs operators such as PartyPoker and PokerStars, but then again this version of online poker is a laid-back social platform that is considered to be free-to-play. Obviously some believe there are plans afoot to monetize this product, if online poker is made legal in the USA.
There is already tons of money in Zynga, the bosses are making millions if not billions of dollars in their own very clever way. The product is being referred to as “the sleeping giant” of the industry, but what they are saying is that they have no intention of moving within the real money online poker market. So, how do they make their money?
They offer the game through Facebook; it may also be played on Android and iPhone mobile devices as well as Google Plus. Anyone may play this version of online poker for free, but they also offer a ‘virtual goods model’ and it is this that makes them money. People pay for virtual poker chips.
The games attract competitive players; newbies who want to learn how to play poker online without losing their shirts to hustling professionals, and the social poker player. With up to 7 million playing Zynga Poker some days on Facebook, this is a very big deal. So big in fact, that they represented themselves as a ‘digital poker nation’ at the recent International Federation of Poker, in the inaugural Nations Cup. Six members of Zynga went head to head with the best poker players in the world!
This is the worlds largest poker game and General Manager, Lo Tonney, says they have no plans afoot to go after the real money space. Their business is doing very well thank you – as long as the existing business model works. By the way, for all you online casino and bingo fans out there; the next product off the assembly line in the gambling category will be Zynga Casino and Zynga Bingo!
There is already tons of money in Zynga, the bosses are making millions if not billions of dollars in their own very clever way. The product is being referred to as “the sleeping giant” of the industry, but what they are saying is that they have no intention of moving within the real money online poker market. So, how do they make their money?
They offer the game through Facebook; it may also be played on Android and iPhone mobile devices as well as Google Plus. Anyone may play this version of online poker for free, but they also offer a ‘virtual goods model’ and it is this that makes them money. People pay for virtual poker chips.
The games attract competitive players; newbies who want to learn how to play poker online without losing their shirts to hustling professionals, and the social poker player. With up to 7 million playing Zynga Poker some days on Facebook, this is a very big deal. So big in fact, that they represented themselves as a ‘digital poker nation’ at the recent International Federation of Poker, in the inaugural Nations Cup. Six members of Zynga went head to head with the best poker players in the world!
This is the worlds largest poker game and General Manager, Lo Tonney, says they have no plans afoot to go after the real money space. Their business is doing very well thank you – as long as the existing business model works. By the way, for all you online casino and bingo fans out there; the next product off the assembly line in the gambling category will be Zynga Casino and Zynga Bingo!
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Friends of Tobey Maguire continue to worry about his addiction to gambling, especially high-stakes poker. In the wake of his $80,000 settlement with the bankruptcy trustee in the Bradley Ruderman case, sources tell me that Maguire's pals want him to get counseling to cure him of his heavy gambling activities.
The Ruderman case is about a hedge fund manager who is serving a 10 year sentence in federal prison for him bilking investors of millions in a Ponzi scheme, including using investor funds to pay off his gambling debts.
Maguire was one of several celebrity poker pals of Ruderman's that won a lot of cash from him in high-stakes poker games in L.A. over the past few years.
Maguire actually won $311,000 from Ruderman.
Congrats to Anne Hathaway on her engagement to actor and jewelry designer Adam Shulman, her boyfriend of the past three years. The couple began dating shortly after her relationship with Raffaelo Follieri collapsed. Follieri pleaded guilty to fraud for pretended to be a big investment guy, including being the real estate advisor to the Vatican.
I've learned the long-touted "Gotti" gangster film, starring John Travolta, looks like it won't be happening anytime soon due to its financing collapsing. A big part of the problem was the huge salary Travolta was demanding to play the title role as famous "Dapper Don," John Gotti.
The gowns worn by Rumer, Scout and Tallulah Belle Willis at a fancy debutante ball in Paris last weekend have been widely criticized on Twitter and the web, especially Rumer's.
Finall, after Chaz Bono told Howard Stern he thinks fellow Dancing With the Stars competitors David Arquette, Carson Kressley and winner J.T. Martinez should do a male version of The View, Chaz has started to get offers from producers interested in them taping a pilot for a possible talk show.
The Ruderman case is about a hedge fund manager who is serving a 10 year sentence in federal prison for him bilking investors of millions in a Ponzi scheme, including using investor funds to pay off his gambling debts.
Maguire was one of several celebrity poker pals of Ruderman's that won a lot of cash from him in high-stakes poker games in L.A. over the past few years.
Maguire actually won $311,000 from Ruderman.
Congrats to Anne Hathaway on her engagement to actor and jewelry designer Adam Shulman, her boyfriend of the past three years. The couple began dating shortly after her relationship with Raffaelo Follieri collapsed. Follieri pleaded guilty to fraud for pretended to be a big investment guy, including being the real estate advisor to the Vatican.
I've learned the long-touted "Gotti" gangster film, starring John Travolta, looks like it won't be happening anytime soon due to its financing collapsing. A big part of the problem was the huge salary Travolta was demanding to play the title role as famous "Dapper Don," John Gotti.
The gowns worn by Rumer, Scout and Tallulah Belle Willis at a fancy debutante ball in Paris last weekend have been widely criticized on Twitter and the web, especially Rumer's.
Finall, after Chaz Bono told Howard Stern he thinks fellow Dancing With the Stars competitors David Arquette, Carson Kressley and winner J.T. Martinez should do a male version of The View, Chaz has started to get offers from producers interested in them taping a pilot for a possible talk show.
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2006/12/07
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Time to tune-up the poker skills for the World Poker Tour® (WPT®) Regional Winter Poker Open coming to Seminole Hard Rock Hotel & Casino Tampa December 2 –11. Up for grabs is a guaranteed prize pool valued at $415,000 during this exciting seven-event regional series that will take place in The Poker Room.
On-site registration for all events is now open. (Registration fee is non-refundable.) To participate, players must obtain a “Wild Card” and purchase their ticket in person at the Poker Room Cage.
WPT and Seminole Hard Rock Casinos have a multi-year partnership that includes several WPT branded events and the development of official WPT Poker Rooms inside select Seminole Hard Rock Casinos. To register, book a hotel package or get more information on this event, please call 1-866-502-7529 or visit Best Florida Poker Rooms | Seminole Hard Rock Tampa | Texas Hold em Poker Tournaments or WPT | World Poker Tour Home.
Super Satellites into the WPT Regional Winter Poker Open Event will take place November 29 – December 1 (check The Poker Room schedule for tournament times) with buy-ins at $255. Each of the three Super Satellites will send up to 25 players to the WPT Regional Winter Poker Open Event.
On-site registration for all events is now open. (Registration fee is non-refundable.) To participate, players must obtain a “Wild Card” and purchase their ticket in person at the Poker Room Cage.
WPT and Seminole Hard Rock Casinos have a multi-year partnership that includes several WPT branded events and the development of official WPT Poker Rooms inside select Seminole Hard Rock Casinos. To register, book a hotel package or get more information on this event, please call 1-866-502-7529 or visit Best Florida Poker Rooms | Seminole Hard Rock Tampa | Texas Hold em Poker Tournaments or WPT | World Poker Tour Home.
Super Satellites into the WPT Regional Winter Poker Open Event will take place November 29 – December 1 (check The Poker Room schedule for tournament times) with buy-ins at $255. Each of the three Super Satellites will send up to 25 players to the WPT Regional Winter Poker Open Event.
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2006/12/07
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Mohamed Ali Houssam entered the final table of World Poker Tour Marrakech as the chip leader, and ended it as the first ever Moroccan winner of a WPT event. Houssam overcame a final table that featured several professional players to win $267,011 and his first ever major title.
Houssam won the tournament only after defeating fellow Moroccan Toufik Ourini in heads up play. Ourini made it to heads up play by making one of the more unbelievable calls ever seen at a major final table. On a 6-5-3 flop, Maksim Martinov moved all-in on the flop, betting 950,000 into a pot of about 750,000 chips. Ourini thought for a moment, and then made the call.
When Martinov showed 6-3 for two pair, nobody was surprised. However, Ourini shocked everyone at the table and in audience when he revealed J9, with no flush draw, giving him only jack high with a backdoor straight draw.
The turn came another five, and suddenly Martinov could not feel nearly as secure in his position. While he still had a huge lead, the fives had counterfeited his pair of threes, and now a jack or a nine would give Ourini the best hand. Sure enough, a nine hit the river, ending Martinov’s run in 3rd place.
Ultimately, Houssam would defeat Ourini after a fairly short heads-up battle that ended just before a planned diner break. The money went all-in when Houssam had a set against just a pair for Ourini on the turn, giving Ourini no chance to catch up. Ourini took home $166,374 for second place.
While both of the finalists were locals, several notables were close to making the official WPT final table, finishing instead in the top 9. Bertrand “ElkY” Grospellier went out in 8th place, and was quickly followed by former WSOP Main Event Champion Jonathan Duhamel, who finished 7th.
Houssam won the tournament only after defeating fellow Moroccan Toufik Ourini in heads up play. Ourini made it to heads up play by making one of the more unbelievable calls ever seen at a major final table. On a 6-5-3 flop, Maksim Martinov moved all-in on the flop, betting 950,000 into a pot of about 750,000 chips. Ourini thought for a moment, and then made the call.
When Martinov showed 6-3 for two pair, nobody was surprised. However, Ourini shocked everyone at the table and in audience when he revealed J9, with no flush draw, giving him only jack high with a backdoor straight draw.
The turn came another five, and suddenly Martinov could not feel nearly as secure in his position. While he still had a huge lead, the fives had counterfeited his pair of threes, and now a jack or a nine would give Ourini the best hand. Sure enough, a nine hit the river, ending Martinov’s run in 3rd place.
Ultimately, Houssam would defeat Ourini after a fairly short heads-up battle that ended just before a planned diner break. The money went all-in when Houssam had a set against just a pair for Ourini on the turn, giving Ourini no chance to catch up. Ourini took home $166,374 for second place.
While both of the finalists were locals, several notables were close to making the official WPT final table, finishing instead in the top 9. Bertrand “ElkY” Grospellier went out in 8th place, and was quickly followed by former WSOP Main Event Champion Jonathan Duhamel, who finished 7th.
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2006/12/07
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One of the experiments from the International Federation of Poker is "duplicate". It works on the same principle as duplicate bridge: the deck is pre-set to provide identical hands at different tables. Each player is awarded points against other players with the same cards, in the hope of measuring "the skill of the play" rather than "the luck of the deal".
Of course, this still has its flaws. Your opponent might shove with an underpair and a rival opponent's might not; doesn't mean you've played better. If he hits a set, you've still got unlucky; if he doesn't, you've still got lucky. Similar problem with duplicate bridge: if a queen is oddly placed, a dodgy finesse will triumph over better play.
There is no flawless way to find "the best poker player in the world". Biggest money winner? His losses aren't recorded. Most final-table appearances? He played more tournaments than others. Toughest event? Luck is always a factor in any single game. Series of tournaments? Too restricted to those who can be in the right country at the right time for the right period. Play it online? That's a different discipline.
I rather like the impossibility of naming anyone "best". The ensuing, unceasing argument is so human. Personally, I try to duck out of that arm-wrestle for sanity's sake. We're all competitive, but I aim quietly for two things: first, to survive the game; second, to make a profit. Everything else is icing sugar.
I remember the wise words of Richard Jessup: "For every number one man there is a number two man, and because of this a man cannot retreat from life. The difference is that the number one man is a machine and the Cincinnati Kid is not, and was not, and never will be a machine."
Of course, this still has its flaws. Your opponent might shove with an underpair and a rival opponent's might not; doesn't mean you've played better. If he hits a set, you've still got unlucky; if he doesn't, you've still got lucky. Similar problem with duplicate bridge: if a queen is oddly placed, a dodgy finesse will triumph over better play.
There is no flawless way to find "the best poker player in the world". Biggest money winner? His losses aren't recorded. Most final-table appearances? He played more tournaments than others. Toughest event? Luck is always a factor in any single game. Series of tournaments? Too restricted to those who can be in the right country at the right time for the right period. Play it online? That's a different discipline.
I rather like the impossibility of naming anyone "best". The ensuing, unceasing argument is so human. Personally, I try to duck out of that arm-wrestle for sanity's sake. We're all competitive, but I aim quietly for two things: first, to survive the game; second, to make a profit. Everything else is icing sugar.
I remember the wise words of Richard Jessup: "For every number one man there is a number two man, and because of this a man cannot retreat from life. The difference is that the number one man is a machine and the Cincinnati Kid is not, and was not, and never will be a machine."
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Joe Barton was hanging around the cabin with the other 12-year-old kids at Camp Wisdom, a Boy Scouts facility in Dallas, when one boy pulled out a deck of cards and they started to play poker.
He had never played before and couldn't win a hand. Although there was nothing at stake, it was embarrassing. He went home intent on learning the basics of poker.
"I got my dad, who was a good poker player, who played a lot in the military during World War II, to teach me how to play and I never had any problem in the Boy Scouts again," Barton said.
That was when Barton knew poker was a game of skill. As a Congressman, Barton has taken the lead in pushing for legislation to license and regulate Internet poker. In the past two months, he has been poker's champion in two House subcommittee hearings on the topic.
Barton had been a supporter of Internet poker for years, but the House was a Democratic majority, so he supported the cause quietly in the background while Democrat Barney Frank led the charge. That all changed when control of the House shifted a year ago.
"When we switched over, the Poker Players Alliance and other stakeholders came to me and asked if I could make a bill," Barton said. "My bill really is just building on several bills in the past introduced by Barney Frank and John Campbell. It's the next evolutionary step. I don't feel pride of authorship because I'm building on the work others have done."
It made sense for a man from Texas, the birthplace of hold'em, to introduce the first poker-only bill in Congress. Barton played poker socially in college and as a young adult. He regularly drove to Louisiana -- at the time the closest casino to his home in the Dallas/Fort Worth area. He loved taking vacations to Las Vegas to play. His game of choice is limit hold'em at low stakes. The highest he's played is with $10/20 blinds. He's also spent a lot of time playing on PokerStars, though only with play money.
Barton saw it as a personal thrill when he was invited to announce "shuffle up and deal" at a preliminary event at this year's World Series of Poker, but he'd like to be on the felt listening to someone else do it in the future.
"The players just wanted to play poker," Barton said. "They probably couldn't have cared less who was up there doing the shuffle up and deal. But it was an honor to me. Some day, if I ever get the money, I'd like to play in the Main Event."
For the poker community, the work Barton is doing on Capitol Hill is the real main event. His licensing bill has yet to be examined in a hearing. Both hearings in the House Subcommittee on Commerce, Manufacturing and Trade this year have been on Internet poker in general.
Barton's plan is to go in the proper legislative order, starting with a subcommittee markup, then through the House Energy and Commerce Committee next spring and passed by the full House of Representatives in the summer. He could also see Senate Majority Leader Harry Reid taking the lead and moving a bill through the Senate first.
This might seem too good to be true for a poker community that has known great disappointment in 2011, but Barton is confident. He believes poker players and activist groups are getting through to neutral members of Congress and raising awareness with email, Twitter and Facebook campaigns.
"If we get it up for vote in the House, we have the votes," Barton said. "I think we have the votes in the subcommittee, the full committee and on the House floor. It's a little more dicey in the Senate because of the 60-vote requirement. Our whole strategy is to get something on the president's desk this Congress, so we have 13 months to go."
He had never played before and couldn't win a hand. Although there was nothing at stake, it was embarrassing. He went home intent on learning the basics of poker.
"I got my dad, who was a good poker player, who played a lot in the military during World War II, to teach me how to play and I never had any problem in the Boy Scouts again," Barton said.
That was when Barton knew poker was a game of skill. As a Congressman, Barton has taken the lead in pushing for legislation to license and regulate Internet poker. In the past two months, he has been poker's champion in two House subcommittee hearings on the topic.
Barton had been a supporter of Internet poker for years, but the House was a Democratic majority, so he supported the cause quietly in the background while Democrat Barney Frank led the charge. That all changed when control of the House shifted a year ago.
"When we switched over, the Poker Players Alliance and other stakeholders came to me and asked if I could make a bill," Barton said. "My bill really is just building on several bills in the past introduced by Barney Frank and John Campbell. It's the next evolutionary step. I don't feel pride of authorship because I'm building on the work others have done."
It made sense for a man from Texas, the birthplace of hold'em, to introduce the first poker-only bill in Congress. Barton played poker socially in college and as a young adult. He regularly drove to Louisiana -- at the time the closest casino to his home in the Dallas/Fort Worth area. He loved taking vacations to Las Vegas to play. His game of choice is limit hold'em at low stakes. The highest he's played is with $10/20 blinds. He's also spent a lot of time playing on PokerStars, though only with play money.
Barton saw it as a personal thrill when he was invited to announce "shuffle up and deal" at a preliminary event at this year's World Series of Poker, but he'd like to be on the felt listening to someone else do it in the future.
"The players just wanted to play poker," Barton said. "They probably couldn't have cared less who was up there doing the shuffle up and deal. But it was an honor to me. Some day, if I ever get the money, I'd like to play in the Main Event."
For the poker community, the work Barton is doing on Capitol Hill is the real main event. His licensing bill has yet to be examined in a hearing. Both hearings in the House Subcommittee on Commerce, Manufacturing and Trade this year have been on Internet poker in general.
Barton's plan is to go in the proper legislative order, starting with a subcommittee markup, then through the House Energy and Commerce Committee next spring and passed by the full House of Representatives in the summer. He could also see Senate Majority Leader Harry Reid taking the lead and moving a bill through the Senate first.
This might seem too good to be true for a poker community that has known great disappointment in 2011, but Barton is confident. He believes poker players and activist groups are getting through to neutral members of Congress and raising awareness with email, Twitter and Facebook campaigns.
"If we get it up for vote in the House, we have the votes," Barton said. "I think we have the votes in the subcommittee, the full committee and on the House floor. It's a little more dicey in the Senate because of the 60-vote requirement. Our whole strategy is to get something on the president's desk this Congress, so we have 13 months to go."
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Every week, Bodog hosts thousands of poker tournaments, ranging from single table events to our massive $100,000 guaranteed tournaments. There's just no way we can cover all of them, but we want to make sure you keep up with who won the biggest of the big games.
Who took the top spot in the $100,000 guaranteed online poker tournament held this past Sunday, November 20? bkvt17 took first place this week, earning $23,600. They were followed by Bryan606 ($13,600) and KunkMan , who rounded out the top trifecta while earning $9,100. Here are the rest of the final table results: Ironman76 ($7,000.00); Brizzle85 ($5,700); Abe_AA64 ($4,500); ilmagowalter ($3,300.00); meantime ($2,200) and LAG_FIN-S ($1,300).
In addition to show-stopping Sunday events, Bodog hosts a series of regular weekly tournaments for players, and here are the winners of last week's events!
November 21 • $10k Guaranteed Double-Stack: jrobertisu ($3,891.25)
November 22 • $10k Guaranteed Double-Stack: BornToKill ($4,111.25)
November 23 • $10k Guaranteed Double-Stack: superbweb ($3,712.50)
November 24 • $10k Guaranteed Double-Stack: toddybrun2 ($3,720.75)
November 27 • $10k Guaranteed Double-Stack: xiankash ($4,001.25)
November 27 • $10k Guaranteed Turbo Double-Stack: MMZentner ($5,940.00)
Bodog's guaranteed tournaments mean that there's always a big cash pool and with more players getting in on the action every week, that means there's more to be won !Play poker online at Bodog and get your share!
Who took the top spot in the $100,000 guaranteed online poker tournament held this past Sunday, November 20? bkvt17 took first place this week, earning $23,600. They were followed by Bryan606 ($13,600) and KunkMan , who rounded out the top trifecta while earning $9,100. Here are the rest of the final table results: Ironman76 ($7,000.00); Brizzle85 ($5,700); Abe_AA64 ($4,500); ilmagowalter ($3,300.00); meantime ($2,200) and LAG_FIN-S ($1,300).
In addition to show-stopping Sunday events, Bodog hosts a series of regular weekly tournaments for players, and here are the winners of last week's events!
November 21 • $10k Guaranteed Double-Stack: jrobertisu ($3,891.25)
November 22 • $10k Guaranteed Double-Stack: BornToKill ($4,111.25)
November 23 • $10k Guaranteed Double-Stack: superbweb ($3,712.50)
November 24 • $10k Guaranteed Double-Stack: toddybrun2 ($3,720.75)
November 27 • $10k Guaranteed Double-Stack: xiankash ($4,001.25)
November 27 • $10k Guaranteed Turbo Double-Stack: MMZentner ($5,940.00)
Bodog's guaranteed tournaments mean that there's always a big cash pool and with more players getting in on the action every week, that means there's more to be won !Play poker online at Bodog and get your share!
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2006/12/07
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It's the poker controversy that won't die, but at least Spider-Man isn't part of it anymore. Tobey Maguire has settled a lawsuit that sought repayment of hundreds of thousands of dollars he allegedly won in high-stakes games hosted in Beverly Hills hotels, according to court documents filed last week.
This was one of a series of federal suits that were filed against poker players who won money from Brad Ruderman, who stole his poker bankroll from investors who had been lured into a Ponzi scheme.
Maguire agreed to pay $80,000 to the estate of Ruderman, who is currently serving a ten-year federal prison sentence for tax, wire and investor advice fraud. The judge presiding over the suits will be holding a hearing on December 21 to determine whether he will approve Maguire's settlement. The lawsuit against Maguire alleged that the actor won over $300,000 from Ruderman in 2007 and 2008.Maguire is one of a number of people who were sued, including actor Nick Cassavetes, Gabe Kaplan and poker pro Dan Bilzerian. Kaplan agreed to repay $27,000 of the $62,000 the trustee contend he earned in the poker games back in August. Nobody named in the suits is facing criminal charged, but the bankruptcy trustee for Ruderman's estate says that they must return at least $1,500,000 of their winnings.
This was one of a series of federal suits that were filed against poker players who won money from Brad Ruderman, who stole his poker bankroll from investors who had been lured into a Ponzi scheme.
Maguire agreed to pay $80,000 to the estate of Ruderman, who is currently serving a ten-year federal prison sentence for tax, wire and investor advice fraud. The judge presiding over the suits will be holding a hearing on December 21 to determine whether he will approve Maguire's settlement. The lawsuit against Maguire alleged that the actor won over $300,000 from Ruderman in 2007 and 2008.Maguire is one of a number of people who were sued, including actor Nick Cassavetes, Gabe Kaplan and poker pro Dan Bilzerian. Kaplan agreed to repay $27,000 of the $62,000 the trustee contend he earned in the poker games back in August. Nobody named in the suits is facing criminal charged, but the bankruptcy trustee for Ruderman's estate says that they must return at least $1,500,000 of their winnings.
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29893
Jody C. of OH was victorious after playing long and hard to uncover a sweet little treasure of her own playing multiple combinations of slots that led her to a combined total of $53,735 playing four of Bodog Casino’s top slot machines.
Another top winner in the casino over the weekend was John F. of MN who won a total of $11,764 playing even more casino games, making him our second place winner.
Other Bodog Casino winners from the weekend included:
Kyle K. of IL walked away with $11,413 playing online Blackjack.
Wilson W. of CA used basic Blackjack strategy to his advantage after winning $10,800.
Marion S. of AZ won $9,726 playing Achilles slot machine.
Simon D. of W. Yorkshire played like a pro and won $8,658 playing European Roulette.
Robert K. of MI invaded Caesar’s Empire and won $8,360.
Congratulations to all of our players who used their skills in the casino wisely, leading to thousands upon thousands in winnings this weekend. Want to learn more about Bodog’s selection of online casino games? Head over to our Casino School where you can learn how to play over 70 online casino games offered here at Bodog Casino.
Find over 70 online casino games that pay out day after day. Make a name for yourself at Bodog Casino today!
Another top winner in the casino over the weekend was John F. of MN who won a total of $11,764 playing even more casino games, making him our second place winner.
Other Bodog Casino winners from the weekend included:
Kyle K. of IL walked away with $11,413 playing online Blackjack.
Wilson W. of CA used basic Blackjack strategy to his advantage after winning $10,800.
Marion S. of AZ won $9,726 playing Achilles slot machine.
Simon D. of W. Yorkshire played like a pro and won $8,658 playing European Roulette.
Robert K. of MI invaded Caesar’s Empire and won $8,360.
Congratulations to all of our players who used their skills in the casino wisely, leading to thousands upon thousands in winnings this weekend. Want to learn more about Bodog’s selection of online casino games? Head over to our Casino School where you can learn how to play over 70 online casino games offered here at Bodog Casino.
Find over 70 online casino games that pay out day after day. Make a name for yourself at Bodog Casino today!
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2006/12/07
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29893
Support is mounting for legalizing online gambling in the US. Recently, two Congressional hearings were held to discuss the future of online poker where the Congress was more inclined towards chalking out the best possible ways to regulate online poker in the US rather than discussing whether or not the game should be legalized.
Tribal Interests was the Focus of Indian Affairs Committee Hearing
The basic focus of the Indian Affairs Committee hearing was protecting tribal interests. Tribes should be given adequate importance and have equal opportunities to offer online poker products to American customers as the Nevada-based gambling platforms have.
Arguments for and against the Proposal to Legalize Online Poker
The House Subcommittee on Commerce, Manufacturing, and Trade hearing had John Campbell, Frank Wolf and Barney Frank in the panel. Frank Wolf, who is against regulating and legalizing online poker, stated that the game is highly addictive. According to him, legalizing poker will result in online gambling companies making huge profits as they facilitate problem gambling.
Barney Frank on the other hand, claimed that the best way to deal with problem gambling is to regulate online poker rather than prohibiting players from playing the game. Frank said that if online poker is legalized, regulated, licensed and taxed in the US, not only will customers benefit but, the country’s revenue will also increase. A large number of jobs will be created and players can participate in poker games without government interference if legalization of online poker becomes a reality.
Speakers of the Second Panel in Favor of Legalizing Online Poker
The second panel mostly consisted of supporters of online poker. The panel had American Gaming Association’s president, Frank Fahrenkopf, Nevada Gaming Control Board’s chairperson, Mark Lipparelli, New Hampshire Lottery Commission’s executive director, Charles McIntyre and Chicago University researcher, specialized in problem gambling, Rachel Volberg. All the panel members spoke in favor of regulating online poker.
Adequate Technologies Available for Protect the Interests of Players
Although the American Gambling Association (AGA) opposed online gambling legalization previously, it now supports the proposal to regulate the game. AGA said that efficient technology can be employed by poker sites to restrict problem gambling activities and protect players’ interests. The industry believes that it is safe to regulate online poker in the US. However, it will be risky if the current law remains unchanged as customers will then be exposed to unregulated offshore gambling sites.
Tribal Interests was the Focus of Indian Affairs Committee Hearing
The basic focus of the Indian Affairs Committee hearing was protecting tribal interests. Tribes should be given adequate importance and have equal opportunities to offer online poker products to American customers as the Nevada-based gambling platforms have.
Arguments for and against the Proposal to Legalize Online Poker
The House Subcommittee on Commerce, Manufacturing, and Trade hearing had John Campbell, Frank Wolf and Barney Frank in the panel. Frank Wolf, who is against regulating and legalizing online poker, stated that the game is highly addictive. According to him, legalizing poker will result in online gambling companies making huge profits as they facilitate problem gambling.
Barney Frank on the other hand, claimed that the best way to deal with problem gambling is to regulate online poker rather than prohibiting players from playing the game. Frank said that if online poker is legalized, regulated, licensed and taxed in the US, not only will customers benefit but, the country’s revenue will also increase. A large number of jobs will be created and players can participate in poker games without government interference if legalization of online poker becomes a reality.
Speakers of the Second Panel in Favor of Legalizing Online Poker
The second panel mostly consisted of supporters of online poker. The panel had American Gaming Association’s president, Frank Fahrenkopf, Nevada Gaming Control Board’s chairperson, Mark Lipparelli, New Hampshire Lottery Commission’s executive director, Charles McIntyre and Chicago University researcher, specialized in problem gambling, Rachel Volberg. All the panel members spoke in favor of regulating online poker.
Adequate Technologies Available for Protect the Interests of Players
Although the American Gambling Association (AGA) opposed online gambling legalization previously, it now supports the proposal to regulate the game. AGA said that efficient technology can be employed by poker sites to restrict problem gambling activities and protect players’ interests. The industry believes that it is safe to regulate online poker in the US. However, it will be risky if the current law remains unchanged as customers will then be exposed to unregulated offshore gambling sites.
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2006/12/07
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Poker will be losing one of its biggest advocates in 2012 after Barney Frank (D-Ma.) announced this week that he will not be seeking re-election in November.
The 71-year-old Congressman has served the House since 1972, but his push for online poker regulations made him the face of the movement in Washington D.C.
In 2009, Frank authored a bill (HR 2267) — the Internet Gambling Regulation, Consumer Protection and Enforcement Act — that passed through a subcommittee vote in an attempt to counter existing laws that prohibit online gaming.
Frank understood that people were going to play online poker anyway and the banking industry didn't have the resources to police it.
Setting up protections, regulating the business and subjecting it to taxation were his answers.
HR 2267 never made it to the floor for an official vote, but it made enough waves to make it a valid political talking point today.
“The U.S. Congress will lose a tireless advocate of individual human rights, including peoples' rights to spend their money how they see fit,” said Frank Fahrenkopf, CEO of the American Gaming Association.
The loss of Frank doesn't mean poker is absent of Washington friends.
“We are losing one of our great champions, but there is still broad and growing support for regulating online gaming,” said Michael Waxman of the Safe and Secure Internet Gambling Initiative. “Barney was the first to focus on the issue, but others have shown to be articulate and passionate about it too.”
Congressman Joe Barton (D-Texas) has legislation (HR 2366) ready for its own upcoming subcommittee hearing.
Barton recently delivered a spirited statement to the Committee on Energy and Commerce Subcommittee, showcasing flaws to the existing laws.
He referenced a seamless cash deposit on Bodog.com as an example, as acquired funds by off-shore operations providing the games aren't subject to U.S. taxation.
Barton's bill provides the framework for regulation and taxation at the federal level.
Once HR 2366 is heard in the subcommittee, Barton thinks it will pass. He likes his odds on a full House vote too, whether it stands on its own or is attached to another bill.
As a revenue tool, online poker taxation is a winner. Annual estimates vary, but all are well into the billions with a player base that has openly welcomed the idea.
“Protecting the consumers is the most important reason for moving this legislation,” Waxman said. “Generating funds to pay down the deficit or cover the cost of other government programs is the other.”
Barton estimates he has 13 months to get HR 2366 to the president. Sen. Harry Reid (D-Nev.) may deliver similar legislation through the Senate.
Online poker isn't without its torchbearers in a future Frank-less Washington. But it owes a lot to the lawmaker for being the first to carry it.
The 71-year-old Congressman has served the House since 1972, but his push for online poker regulations made him the face of the movement in Washington D.C.
In 2009, Frank authored a bill (HR 2267) — the Internet Gambling Regulation, Consumer Protection and Enforcement Act — that passed through a subcommittee vote in an attempt to counter existing laws that prohibit online gaming.
Frank understood that people were going to play online poker anyway and the banking industry didn't have the resources to police it.
Setting up protections, regulating the business and subjecting it to taxation were his answers.
HR 2267 never made it to the floor for an official vote, but it made enough waves to make it a valid political talking point today.
“The U.S. Congress will lose a tireless advocate of individual human rights, including peoples' rights to spend their money how they see fit,” said Frank Fahrenkopf, CEO of the American Gaming Association.
The loss of Frank doesn't mean poker is absent of Washington friends.
“We are losing one of our great champions, but there is still broad and growing support for regulating online gaming,” said Michael Waxman of the Safe and Secure Internet Gambling Initiative. “Barney was the first to focus on the issue, but others have shown to be articulate and passionate about it too.”
Congressman Joe Barton (D-Texas) has legislation (HR 2366) ready for its own upcoming subcommittee hearing.
Barton recently delivered a spirited statement to the Committee on Energy and Commerce Subcommittee, showcasing flaws to the existing laws.
He referenced a seamless cash deposit on Bodog.com as an example, as acquired funds by off-shore operations providing the games aren't subject to U.S. taxation.
Barton's bill provides the framework for regulation and taxation at the federal level.
Once HR 2366 is heard in the subcommittee, Barton thinks it will pass. He likes his odds on a full House vote too, whether it stands on its own or is attached to another bill.
As a revenue tool, online poker taxation is a winner. Annual estimates vary, but all are well into the billions with a player base that has openly welcomed the idea.
“Protecting the consumers is the most important reason for moving this legislation,” Waxman said. “Generating funds to pay down the deficit or cover the cost of other government programs is the other.”
Barton estimates he has 13 months to get HR 2366 to the president. Sen. Harry Reid (D-Nev.) may deliver similar legislation through the Senate.
Online poker isn't without its torchbearers in a future Frank-less Washington. But it owes a lot to the lawmaker for being the first to carry it.
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Full Tilt Poker (FTP) is pleased regarding the terms of agreement between all parties, which supposedly provides a vehicle for US players to be repaid; while players elsewhere in the world will be repaid or made whole (not sure what that means?). Work will apparently continue towards reaching a mutually beneficial agreement.
In the USA there have been even more hearings taking place concerning the legalization of the online poker industry. These have been held with the view of perhaps even expanding the industry into more online gambling games. Everyone has had their say and been heard, but Mary Bono Mack is not making any promises and is still saying nothing will be rushed into legislation, or even if legislation will take place. While in the UK, hearings have been taking place to decide the future of the current Gambling Act.
In Europe – despite the fact that the EU has declared that the online gambling industry should be standardized across all countries; Cyprus is taking a step back and thinking of changing the status of this industry to “illegal”. Strange really? Cyprus has been a haven for this industry for quite some time. We have a feeling that this news may have been mis-reported and that Cyprus might just be looking at getting tougher in terms of licensed operations.