Sky Not Falling

Hi. ChrisV here, I’m back on the Yobbo blog team. There have been some developments in the world of online poker since Yobbo’s posts on the subject. Mega-site PokerStars issued a short statement to the effect that they’ve decided it’s just going to be business as usual for them. And Neteller have, in the words of the WSJ, vowed to stay in the US.

All this means that poker should go on more or less as normal for the next 270 days, while regulations are drawn up describing what transactions banks need to disallow. And I’m not sure what Yobbo thinks, but I really don’t think it will be a problem after that, either. Even if Neteller gets somehow shut out of the market, the amount of money at stake for PokerStars is mindblowing and I have no doubt they’ll figure out a way to get around whatever the regulations end up being.

The other thing it means, of course, is that PokerStars is shortly to become market leader in the industry by a gigantic margin. They deserve it. Their software, security, support, game choice and marketing are all first-rate. Meanwhile, while it’s been profitable for me playing at Party, I’m getting some strong schadenfreude from their demise. Their support was nothing short of horrible and they did some scummy things. Think of them as the Telstra of the online poker world.

Explore posts in the same categories: Business, Poker

5 Comments on “Sky Not Falling”

  1. yobbo Says:

    Losing rakeback is going to hurt. Its about 1/5 of my total earnings.

  2. chrisjv Says:

    You get FPPs, which you can use to buy Amazon gift certificates which can then be sold on ebay. The relevant facts are:

    – The $500 certs go for about $475 and cost 28,000 FPPs.
    – You get a base rate of 5 FPPs per dollar in tournament fees, but that increases as you move up levels of the VIP club. Points required to move up:

    SilverStar 1,500 Monthly
    GoldStar 4,000 Monthly
    PlatinumStar 10,000 Monthly
    Supernova 100,000 Yearly

    FPP bonuses:

    SilverStar 50%
    GoldStar 100%
    PlatinumStar 150%
    Supernova 250%

    PlatinumStar should be easy enough, and even Supernova is only 1,600 $60’s at the Platinum rate, no problem at all.

    At the Platinum rate, you earn 13 FPPs (it rounds up) for every dollar in rake, so $2154 in rake gets you the cert worth $475. This is 22% rakeback.

    At the Supernova rate, you earn 18 FPPs for every dollar in rake. $1556 in rake gets you the $475 cert, so rakeback of 30.5%.

  3. Mitch Says:

    Gambling is a vice that has never appealed to me. The only thing I ever enjoyed or won at was backgammon, which only requires nerve and computation. Yet I have no urgent desire to suppress other people’s vices, or those who make their living on chumps with money. How strange.

    You keep your assets and corporate officers out of the US, and what can they do? The credit card companies will consult their own interests and make it difficult for the feds to cut them out of the market. The morals issue is scratched; too many states either run their own lotteries (with worse odds than the guys in the coffee shop years ago), off-track betting, Keno, or take a piece from the Indian casinos. Juries notice these things. If you wind up in court, a decent lawyer can get it moved to a sympathetic jurisdiction (Nevada, New Jersey, Louisiana…) and the case collapses.

    This whole business makes as much sense as Prohibition and will have about the same degree of success. If I had the money, I’d start a gaming company in the Caymans. They already offer off-shore credit cards.

  4. hc Says:

    Sam, Did you see this post (here)on Freakonomics about cheating in online poker? Do you understand what is going on:

  5. vag karab Says:

    if you are looking for an honest poker site try this one : with huge welcome bonus $ 1000

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