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Showing posts with label green lantern. Show all posts
Showing posts with label green lantern. Show all posts

Monday, June 20, 2011

Online Poker to be Legalized by Tuesday! Obama Defies Gravity and Becomes Defacto Protector of Sector 2814

if there isn’t any real news we can make it up as good as everyone else!

barack-obama-green-lanternStill nothing much is actually NEW.  The excitement out on the street is that the bill co-sponsored by Texas representative Joe Barton could arrive as early as the end of this week, which the various news blogs and so on have morphed to “WILL ARRIVE THIS WEEK AND INSTANTLY REGULATE ONLINE POKER” which is not going to happen.  The fact of the matter is that the Nevada land casinos are already hard at work (don’t worry how I KNOW THAT land casinos, get back to it) on putting together the regulation infrastructure necessary for handle online poker.  If they work REALLY fast the soonest that’s going to happen is early 2012 so it really doesn’t matter much how fast the Federal legalization comes as long as it happens near the time Nevada casinos are ready to cash in on it.

Here’s the actual rundown so much as I know (and I’ve had my ear to many a door as of late):

Full Tilt Still Has Not Paid US Players: In fact, they haven’t even credited the accounts of most US players with the funds that they will eventually be paid.  An article on Subject: Poker on June 16th talks about a 60 million dollar shortfall they created by essentially giving players “loans” when the players deposited money on the site but Full Tilt didn’t have a payment processor to debit their accounts.  Since Black Friday this has sort of sealed the loss for Full Tilt and may be part of the accounting difficulties they are experiencing which of course are in addition that they just plain don’t have the money to pay US players.

The Joe Barton Poker Bill: He’s drafting it and they keep quoting him as saying online poker’s been legal but the bank funding has not, which is incorrect.  The DoJ clearly thinks that online poker is illegal (regardless of the truth) and the funding woes of all online poker sites trying to service the United States are due to the UIGEA which only applies if online poker is illegal.  So basically the DoJ is the bully which is saying they think it’s [online poker] illegal and if you’d like to try your luck funding it you might just disappear in a bleeping hole.  Obviously none of the other crimes like providing bank executive bonuses, funding player accounts with golf balls or providing hot oil massages to bank employees would be necessary at all if the banks weren’t 100% convinced by the DoJ that online poker is 100% illegal and therefore under the enforcement of the UIGEA in the first place.

Phew!  Having said that, online poker is actually legal, just no one wants to risk their life or freedom to prove that especially when state and federal bills which will effectively legalize the industry are so close.

UB.com and AbsolutePoker (Cereus Network) Payouts:  Honestly I think we’re all going to probably have to give up on this one.  The amount of business they are doing post Black Friday just isn’t going to be sufficient to generate money to pay back the US customers they owe.  Take a trip over to Poker Scout and check it out for yourself.  Maybe in the long run this is the best thing.  Cereus made some horrible decisions and they still refused to fix their infrastructure including customer support and fraud prevention.  I’m not saying they were actively cheating anyone in 2011, but they weren’t doing as much as they should have to be responsive to customers and to protecting their online interests.  Full Tilt Poker is also guilty of many of these issues especially with regard to poor customer service.  I sincerely hope that the next wave of online poker uses PokerStars as a model.