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“In a balance of mutual terror, whoever acts first has the advantage!”
Showing posts with label Black Friday. Show all posts
Showing posts with label Black Friday. Show all posts

Monday, February 1, 2016

Internet Poker's Wall of Fame?


Last week ,Jan 26, 2016, TwoPlusTwo Pokercast hosts Adam Schwartz and Terrence Chan added Phil Galfond, Shaun Deeb, and Neteller as its ninth, tenth, and eleventh inductees to their Internet Poker's Wall of Fame (IPWOF).

It's because of Neteller and the online poker sites during poker's Black Friday, that I will most likely not be playing online poker anytime soon in the US.

I am probably in the minority, but unless I can walk into the place where I deposited my money so I can then withdraw it, in person, I can't trust any online site to pay me what I want when I want it.

I actually would trust most of the casinos in Vegas or the top 5 cardrooms in Los Angeles, if I could make deposits and withdrawals at the casino. Of course, I'd probably just use the cash to play live though, but at least I would have had it in my hand or on the table where I could see and touch it.

Jan 17, 2007
The United States crackdown on internet gambling took another twist after the two founders of Neteller, an online payment company, were charged with money-laundering and the company was accused of facilitating "illegal financial transactions".

John Lefebvre, 55, and Steve Lawrence, 46, were charged by the assistant US district attorney in the southern district of New York less than 24 hours after they were arrested in Malibu and the United States Virgin Islands.
The shares of Neteller have slid 80pc in the past 12 months. They were suspended yesterday at 176p.

Feb 7, 2007
Now the Web site for the company is advising customers that all withdrawals have been blocked and the funds are being maintained in trust on the customer's' behalf while Neteller works to resolve the issues.
Neteller has not disclosed how much money has been frozen and has refused to disclose or confirm any details of the freeze, as has a spokesperson from the Department of Justice.

March 21, 2007
In more good news for the online gambling industry, Neteller today announced that it has reached an agreement with the US Department of Justice (DOJ) to return funds belonging to American players that had been frozen at the DOJ's request .

Neteller, the online ewallet company that at one time provided payment processing services for over 85 per cent of the online gambling industry, has been in legal limbo since the DOJ arrested two former executives on conspiracy and money laundering charges back in January. Neteller became the primary funding source for the online companies that continued to service the American market after the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) drove the American credit card industry out of the market.

The press release notes that Neteller has signed agreements with the DOJ and the forensic auditing group Navigant. The agreement provides a 75-day timeline under which Neteller will work out a plan to return funds in an orderly manner to its one-time US customers.

I eventually got my money back and after a while decided to take a try at PokerStars, FullTiltUltimate Bet Poker, and Absolute Poker.

Then came April 15th, 2011. Poker's Black Friday.
The DOJ closed down the four major online poker sites, Pokerstars, Full Tilt, Absolute Poker and Ultimate Bet Poker,
. . . . . . . . . . . . . . . . . . . . and the rest is history.


I NEVER BLUFF

Wednesday, August 12, 2015

How the Predator and Prey Game evolves at the poker table

Updated 2/11/2017
Poker regulars at work.

OK, this has happened to me, probably you too.
"While the other players at the table played cautiously against one another, they were relentlessly and collectively aggressive against me. Check-raising me, trapping me, slow-playing me with big pairs, going over the top of my feeble raises and bluffing me right into the ATM machine."
It's obvious, most of the players knew one another and I was regarded as the "New Fish" in their pond.


Low-stakes cash games, like those at many of the card rooms around Los Angeles and Las Vegas, are home to the "regulars" of the area. They are there almost every night, they know how they play and they don't play against each other. They are here to work, and it's not just those "retired" old folks that frequent the tables. The lost boys and girls that had to come out of their "on-line" sanctuary when "Black Friday"   came are trolling the tables too. It's a game of cut throat pool when a new player enters the game, only at a poker table with 3 times as many sharks. If the new player isn't in the hand, they limp and check to the river, if it ever goes that far.

Before you enter a cash game, look around the room at several of the tables, if there are more than one. You will certainly find one or two tables where there is some banter among the players, like a good home game, with the usual ego trip by one obnoxious player. Avoid that table, it won't be fun.

Look for a game where people are actually having fun, and you might stand a chance. Find a poker room where there's a lot of young people drinking a lot and making a lot of noise. There are many of them in Vegas and on certain weekends in other card rooms. Look for the acton places in Vegas, conventions, holiday weekends, spring break and during their big special tournaments. You may find a few pros there, but mostly fun loving gamblers like the ones at the craps and roulette tables.

In most other card rooms, like those in Los Angeles or northern California, it's better to only buy into a newly started game, where everyone starts with the same stack size. It's easy to check the board and see how long the waiting list is. If the list is long, there may be a new table opening up. You'll still find the old players that buy in for the minimum and the loose players that buy in for the maximum, but you can choose where you want to start with your chips.

Be aware though, all the money isn't on the table. Many poker rooms won't let you buy in for more than 50 big blinds and most of the players have set an amount they will gamble, so they will reload when their stack gets low. Loose players and gamblers will often reload several times. You should be prepared to reload, at least once, if you want to be profitable in the long run. If you are winning and you decide to pack it up, you may have to wait a certain amount of time before you are allowed to buy in at another new table, check with the floor man.



I NEVER BLUFF



Friday, May 22, 2015

Poker's Black Friday

Updated 2/11/2017

April 15th, 2011. Poker's Black Friday.
Fortunately I only play for real money in live games and I didn't have much real money online, back in the day. I've never really trusted online poker since Neteller stole what little real money I had put into the online games. I eventually got it back, as I expect most of the players will this time also. It will be interesting to see how the online poker millionaires recover from having their money frozen in time. Since the DOJ closed down the four major online poker sites, Pokerstars, Full Tilt, Absolute Poker and Ultimate Bet Poker, most of the blogs from the pros are about how slow the games are in Vegas. 30 hands an hour is ultra slow motion poker to an online poker junky.

Game play is down at all of the online poker sites world wide. There are still some sites that accept US players in real money games, but that may not last long. All of them still allow play money games, so that has not changed.  Online poker is still a great way to develop and improve your game. If aggression is king, online poker is your kingdom. Online poker will not be going completely away anytime soon. It has changed for now, but it will change again, and most likely for the better. One article likened it to the collapse of the stock market and 401k pension plans deflating.

There has been some speculation about online poker being totally dead in the US - forever - and most of the play will go to the brick and mortar games. Even though the DOJ has stated that the money in players accounts is accessible to the players, there are no payment processors in the US banking system. American poker players are hitting the casinos and card rooms, however most of the casinos and card rooms have had only a slight increase in activity.

I actually expect this to be a good thing for poker in the US, in the long run. I think that the regular casinos, card rooms, and Indian casinos will find a way to establish online poker for the US. Uncle Sam only wants to find a way to collect taxes from it and regulate it better.

I've never been acceptable to not being able to walk into a place of business and complete your transaction or make a complaint in person. You could never do that with an online site, you don't know who runs it or how to find them, yet alone talk to them.

I think you should be able to go the a local casino or card room and open an online account without using the internet, which would be a much easier process. You could then just go down to the casino or card room and make deposits or withdrawals, just like a bank, and still play poker online in your PJs. PokerStars and the rest of them may never be back, but new sites will find a way in. Only when I know the physical address of an online poker site will I likely go back to online poker.

Steely Dan Black Friday


I NEVER BLUFF